Leadway, Linkage, Other Insurance Firms Get Over 1,500 Complaints as Unresolved Claims Pile Up
- The identities of insurance companies with outstanding claims have been made public by the National Insurance Commission
- This is a component of its determination to protect the interests of the insured while maintaining the standing of the insurance sector
- The new administration of the commission has made it clear that it will not accept any claims that remain unresolved
Legit.ng journalist Zainab Iwayemi has 5-year-experience covering the Economy, Technology, and Capital Market
The National Insurance Commission (NAICOM) has released the names of insurance companies that have unresolved claims.
Source: UGC
This is part of its resolve to preserve the insurance industry's reputation while safeguarding the interests of the insured people.
This followed a protracted period of warnings to insurance companies to minimize the number of unresolved claims in their books of accounts. NAICOM released a list of around 1,582 complaints that different insurance company clients had brought to its attention.
The list is displayed in NAICOM’s official website with the title “Complaints Against Insurance Companies,”
It contains complaints lodged by both corporate and individual customers of various insurance firms in both life and non-life policies.
These claims were not resolved as a result of disagreements or misunderstandings between the customers and the insurance companies' claims departments. Claims filed between 2021 to 2025 are included in the collection.
Since the current Insurance Commissioner, Ayo Olusegun Omosehin, took office, the commission has insisted that it will not tolerate any unresolved claims.
Meanwhile, Legit.ng earlier reported that the Nigeria Police Force has officially commenced the enforcement of the Mandatory Third-Party Vehicle Insurance.
This is in line with the directive from the Inspector-General of Police, IGP Kayode Adeolu Egbetokun.
A statement shared via X by the Nigerian Police noted that this initiative, effective from February 1st, 2025, aims to enhance road safety and ensure that vehicle owners comply with necessary insurance requirements to safeguard both themselves and others on the road.
The statement signed by the Force Public Relations Officer, ACP Olumuyiwa Adejobi emphasized the seriousness of this directive and the penalties that will be imposed on defaulters, Channels Television reported.
Source: Getty Images
Adejobi said that the enforcement of this regulation is part of the police's broader efforts to enhance road safety across Nigeria.
He added that by ensuring all vehicle owners comply with the law, the police aim to reduce accidents and increase accountability on the roads.
NAICOM hikes premium rates for motor insurance
Legit.ng had reported that the Nigerian government, via the National Insurance Commission (NAICOM) has hiked the premium rate for vehicle insurance in Nigeria from January 1, 2023.
In the new rate, private vehicles, which paid an N5,000 premium for the N1 million Third-Party Damage (TPPD) limit, are required to pay an N15,000 premium for N3 million. In contrast, owners of good vehicles are to pay N20 million for N5 million, and staff buses must pay N20,000 for N3 million.
According to BusinessDay, the new directive is contained in a circular issued on December 22, 2022, by NAICOM and sent to all insurance firms.
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Source: Legit.ng
