In a nation where insurance is often met with scepticism, the National Insurance Commission (NAICOM) has consistently shown a commitment to restoring public confidence in the industry. NAICOM’s recent intervention in a long-outstanding claim involving AIICO Insurance Plc is yet another testament to the regulatory body’s resolve to ensure that insurers uphold their obligations to policyholders. We commend NAICOM for standing firm in its role as a guardian of consumer rights and for demanding that insurers prioritize legitimate claims over profits.

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However, despite NAICOM’s directive, it is disheartening to see that AIICO Insurance Plc continues to delay payment on a valid claim under its Energy Package Insurance policy (Policy No. 702/00016/19/TQ/HO), with a combined limit of $30 million. This claim, which dates back to May 2020, has faced numerous stalling tactics. AIICO alleges incomplete documentation and disputes the insured’s operational status as some of the reasons for repudiating the claim. However, these issues have been proven wrong by the commission, making the continued delay in payment both unjustified and unacceptable. This approach appears to be a deliberate attempt to avoid honouring its contractual obligations, reinforcing the unfortunate perception among Nigerians that insurance companies are more interested in collecting premiums than in fulfilling claims.

It is actions like these that deter individuals and businesses from embracing insurance in Nigeria. At Transparent Protection Ltd, we advocate for policyholders and work tirelessly to bridge the trust gap in the insurance industry. We urge AIICO Insurance to honour this legitimate claim without further delay. Failure to do so not only undermines the credibility of AIICO but also jeopardizes the hard-earned trust NAICOM is striving to rebuild.

The time has come for insurance companies in Nigeria to realize that transparency and prompt claims settlement are key to driving the growth and acceptance of insurance. AIICO Insurance must choose: will it be a champion of trust and responsibility, or will it remain a symbol of the industry’s reluctance to serve its customers when they need it most?

Transparent Protection Ltd stands with NAICOM and all policyholders in demanding accountability. It is time for AIICO to settle this claim and show Nigerians that insurance is not a scam, but a viable tool for risk management and financial protection.

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Have questions about claim settlements or need assistance with your insurance policy? Our team is here to help! Reach out to us via email at info@tplng.com or give us a call at 0905-776-6182. We’re committed to ensuring genuine claim settlements and supporting our valued members.

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