Insurers in payment default required to compensate policyholders

Following the lodging of 413 complaints, the supervisory authorities (NAICOM) have required from insurance companies to indemnify some of the policyholders who are hardest hit by payment default. Approximately 218 cases have, therefore, been resolved with the settlement of 5.48 billion NGN (17.6 million USD) in outstanding claims.

The name of the insurers concerned has not been disclosed. Over 650 similar cases have been resolved since 2014 thanks to the intervention of the authorities.

This move comes within a strategy aimed at consolidating the protection of the insured.

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