The National Insurance Commission has released a comprehensive report revealing that 1,571 complaints were lodged by policyholders against various insurance companies in Nigeria, with Industrial and General Insurance Plc recording the highest number of grievances.
Published on NAICOM’s website on Wednesday, the report is part of the commission’s ongoing efforts to ensure insurers honor valid claims and resolve disputes promptly.
The complaints span a diverse range of insurance policies, including motor insurance, group life insurance, education policies, bonds, annuities, and all-risk policies.
The report highlights that IGI Plc faced the highest number of complaints, totaling 327 cases from policyholders. Following closely behind was African Alliance Insurance Plc with 281 complaints.
Other insurers with notable complaint volumes include Standard Alliance Insurance (229 complaints), A&G Insurance Plc (80 complaints), AIICO Insurance Plc (65 complaints), and Coronation Insurance Plc (29 complaints).
NAICOM reiterated its commitment to ensuring that insurance companies fulfill their obligations to policyholders. The commission warned that companies will be held financially responsible for all resolved complaints and must settle claims promptly.
“This initiative is designed to restore consumer confidence and ensure that valid claims are paid without unnecessary delays,” NAICOM stated.
The commission emphasized that insurers failing to meet their settlement obligations could face regulatory sanctions.
Delayed or unpaid claims have long plagued Nigeria’s insurance sector, with policyholders often accusing insurers of creating bureaucratic hurdles to avoid payouts. NAICOM’s latest publication aims to foster transparency by shedding light on companies with unresolved disputes.
The commission encouraged policyholders to continue reporting non-payment of claims, assuring them that each complaint would be thoroughly investigated.
NAICOM previously directed insurers to settle all claims resolved through the regulator’s intervention as part of broader efforts to sanitize the industry and rebuild public trust.
The commission also urged insurance companies to meet financial reporting requirements to ensure transparency, signaling a tougher stance on accountability.
