WATCH THE VIDEO HERE The National Insurance Commission (NAICOM) has released a report detailing 1,571 complaints filed by policyholders against various insurance companies in Nigeria, with Industrial and General Insurance (IGI) Plc topping the list. The report, published on NAICOM’s website on Wednesday, is part of ongoing efforts to ensure that insurers settle valid claims following dispute resolution. The complaints span a range of insurance policies, including motor insurance, group life insurance, education policies, bonds, annuities, and all-risk policies, among others. The document aims to promote transparency and accountability within the sector, revealing that several insurers face a high volume of customer grievances, from delayed claim settlements to disputes over policy terms. According to the report, Industrial and General Insurance (IGI) Plc recorded the highest number of complaints, with 327 cases from policyholders. African Alliance Insurance Plc followed with 281 complaints. In recent years, delayed or unpaid claims have been a major concern in Nigeria’s insurance sector. Many policyholders have accused insurers of avoiding settlements or creating bureaucratic hurdles that make it difficult to receive payouts. The latest publication serves as a transparency initiative aimed at exposing companies with unresolved customer disputes. In a bid to ensure regulatory compliance, NAICOM urged insurance firms to meet all financial reporting requirements to ensure transparency.
IGI Plc tops as NAICOM releases report on 1,571 policyholder complaints against insurance firms
