According to Ebere Nwoji, members of the insurance-buying public have high expectations for the operators this year as they boost their efforts to achieve their goals of insurance penetration. Undoubtedly, the Nigerian insurance sector has joined other business communities across the globe in ringing in the new business year of 2023 with greater expectations, a plethora of business offers, and a desire for more turnover, profitability, and returns on investments. The insuring public, from whom these premium streams are anticipated to come, also demands from the insurers nothing less than quality and satisfactory services, characterized by efficient claim processing and settlement.
Indeed, judging by their actions and demeanor from the previous year, members of the insurance public don’t appear to be willing to accept any service delivery decisions made by insurance companies that fall short of their standards this year. Because this big-boss customer has the power to put out of business even the regulator, all segments of the industry must be prepared to contribute their fair share to ensuring maximum satisfaction and pleasing of this big-boss customer. Due to this, numerous insurance companies and other parts of the industry should be ready to get the year off to a great start.
Mutual Benefit Assurance pledged to focus on customer satisfaction.
Few days ago, Mutual Benefit Assurance set the standard by hosting the 27th edition of its annual thanksgiving and staff award. During the event, the company thanked God for allowing it to operate an insurance business in Nigeria for 27 years, thanked its customers for their support over the years, and vowed to prioritize customer satisfaction in 2023. In order to prepare operators’ minds for the new business year, the Chartered Insurance Institute of Nigeria is holding its annual insurance breakfast and brainstorming session.
As the new year develops, industry observers and members of the insurance public are eager to see what form the industry will take this year while both the regulator and other arms of the business are actively thinking of new ways to push the industry to a higher level. The National Insurance Commission (NAICOM), which already took a step similar to what it did in the industry ten years ago in implementing the “no premium no cover aspect of insurance Act 2003 by increasing the compulsory motor insurance rate on January 1, 2023, is one of the arms of the industry that are expected to contribute towards reshaping and repositioning the industry.
Despite the high rate of inflation, vehicle insurance has remained stable.
The commission increased the premium and claims due for motor insurance policies in Nigeria by at least 200 percent on January 1 of this year. Despite the country’s high rate of inflation, the premium rates for vehicle insurance, particularly motor third party insurance, have remained stable for more than 20 years. The end result was that many insurance companies turned to claims from the policy as inflation rates rose, resulting in high repair costs for damaged vehicles without a corresponding increase in premium paid. They did this by preying on the public’s ignorance of the claims payable under the policy.
However, on January 1, 2023, NAICOM revised the policy’s premium rate and the amount of claims that would be paid. As things stand, many people who now have vehicle insurance with reputable insurance underwriters are apathetic about renewing it because they are uncomfortable with the rise. Many people would choose to renew their insurances with sellers of phony insurance certificates who are willing to accept meagre payments in exchange for issuing them with fake certificates. Because of the increase in premium rates, underwriters at insurers complain that they are losing clients. As a result, some are selling policies, particularly Motor Third Party insurance, below NAICOM’s stated rate.
The objective of the Commission is to ensure effective administration.
In addition to working with the Nigeria Insurers Association to close any gaps that would allow premium leakages in the sale of motor insurance policies, NAICOM’s big task is to ensure that the new rate is enforced. Additionally, it is anticipated that the commission will consolidate its efforts to raise public knowledge about insurance and give the other five mandatory insurances in Nigeria considerably more attention this year. The Commission was established with the intention of ensuring efficient administration, monitoring, regulation, and control of the insurance industry in Nigeria.
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What to expect from insurance operators. – Members of the insuring public expect a lot from their operators this year. – Express your point of view.
Insurance operators should be ready to work effectively this year. We need people to be exposed to insurance, so they can benefit from it.
Alot still need to be done concerning the insurance industry in the country ,many people didn’t have trust in them because of one experience or the other.Nigerians should be able to trust the insurance company like other Western countries in the world so that they can invest in them.
The insurance activities that are being carried out in Nigeria are relatively low, i believe only 50% of Nigerians make use of insurance even health insurance is used by only few people, this should change
The general public that purchases insurance has great hopes for the operators during this year as they step up their efforts to meet their insurance penetration goals.
In the spirit of welcoming in the new year for business, the insurance industry in Nigeria has joined other commercial sectors throughout the world.
It would appear that members of the insurance public are not willing to tolerate any judgments made by insurance firms about service delivery that are below the standards that they have set for themselves this year.
The insured population, from which these premium payments are forecasted, expects nothing less than flawless customer service and swift claims resolution from their insurance providers.
The insured population, from whom these premium payments will originate, expects nothing less than first-rate service from their insurers. This service must include prompt and fair claims handling.
There should be a good number of insurance companies and other sections of the industry ready to get the year off to a strong start.
Members of the insuring public expect a lot from their operators this year. They should put more effort on their work this year
The premium rates for car insurance, notably motor third-party insurance, have remained consistent despite the high rate of inflation that is now being experienced in the country.
As inflation rates grew, the cost to repair damaged vehicles rose without a matching rise in premiums paid, and many insurance companies turned to claims from the policy as a result.
Well it won’t be surprising to see the sector flourish this year as much effort are being taken to offer quality and satisfactory services to the public and make the sector more better.
As operators increase their insurance penetration efforts this year, the insurance-buying public has high hopes.
People need to learn and engage in been insured if they know the benefit and the good that is there they will put in for it so the operator should be ready to make it effective ready
The rise in cost of goods and services(inflation) influences the cost to repair damage vehicles rose without a matching rise in premiums paid, and many insurance companies turned to claims from the policy as a result.
Members of the insurance public don’t appear to be willing to tolerate any service delivery decisions made by insurance companies this year that don’t meet their standards, based on their actions and demeanor from the previous year.
The general public that buys insurance has high expectations for the operators as they intensify their efforts to achieve their insurance penetration goals this year.