The National Insurance Commission (NAICOM) has issued a December 31, 2024 deadline for insurance companies in Nigeria to settle all outstanding claims. This directive was announced by Mrs. Ebelechukwu Nwachukwu, Head of the Communication & Stakeholders Management Sub-committee and Managing Director of Rex Insurance Limited, during a press conference following the Insurers’ Committee meeting held in Lagos.
The Commissioner for Insurance and CEO of NAICOM, Olusegun Omosehin, urged insurance executives at the meeting to ensure that no unresolved claims are carried over into their 2024 financial statements. He emphasized the importance of defending the integrity of the insurance industry by prioritizing the payment of valid claims.
Additionally, Mrs. Nwachukwu revealed that the committee has restructured its sub-committees to align with the strategic objectives outlined in the 10-year roadmap for the insurance industry. The newly reconstituted sub-committees are:
- Insurance Sector Stability
- Communication & Stakeholders Management
- Technology & Talent Management
- Customer Service & Market Expansion
The changes aim to strengthen industry practices, enhance customer satisfaction, and support market growth.
