In a dramatic move to win back Nigerians confidence to embrace insurance policies that would protect lives and properties, the sector is entering a new phase in the form of transformation, as insurers imbibe the spirit of paying claims at due time.
The National Insurance Commission (NAICOM), which is becoming more visible in its regulatory roles to ensure genuine claims are paid promptly to about three million policyholders in Nigeria, out of a population of 180 million that have insurance cover. It therefore urged operators to ensure that genuine claims are not delayed unnecessarily in the sector.
As floods continues to wreak havoc across the country, owners of properties affected by the deluge and storms in Lagos and Benue states have been compensated by insurers to the tune of about N5billion.
While insurers have paid most victims, who had earlier submitted the necessary documentation in Victoria Island, Ikoyi, Lekki, Ajah and in other areas of Lagos, who processed their claims later are on the verge of getting their claims.
And with the rainy season still here, there are serious indications that more claims on flood insurance policy might still come before the year runs out.
There was a huge increase from about N200million claims made by flood policyholders in 2016.
Market observers said this increase is the effect of climate change, which is increasing ocean surge and water levels, thus making rivers overflow their banks, reigning havoc on people and properties along river lines.
And with insurers willing to pay the claims despite that it is huge, analysts believe underwriters are now alive to their civic responsibility of paying genuine claims as and when due, while also believing there is a gradual increase in the number of insurance subscribers.