Honour your customers’ claim in good time, Buhari tells insurance companies

President Muhammadu Buhari has asked insurance firms to honour the claims of their customers promptly.

Buhari spoke on Thursday in Abuja during his conferment ceremony as the grand patron of the Chartered Insurance Institute of Nigeria (CIIN).

The president, who commended their role in national development, implored the companies to further increase the number of Nigerians and businesses that would benefit from and be benefited by the insurance industry.

‘As you are well aware, you need to dispel misconceptions about the insurance industry presently held by a good number of Nigerians, especially as it relates to claims and need for insurance,” Buhari said.

‘‘As I have said on many occasions and would continue to reiterate, it is my commitment to leave a sustainable growth and development legacy by the end of this administration.

‘‘Furthermore, the insurance industry as a whole must improve its efficiency and honour claims in good time.”

Buhari thanked players in the insurance industry, including the CIIN, for supporting the government.

He highlighted the industry’s contribution of N500 million to support the fight against the COVID-19 pandemic in its early days in the country.

He added that granting of insurance cover for all frontline health workers at concessionary premiums contributed significantly to the globally acclaimed success of Nigeria’s national response to the pandemic.

Buhari promised to continue providing the necessary support to the industry to ensure that the country maximises its contribution to socio-economic growth.

‘‘Once the National Assembly has finished the process of reviewing the Consolidated Insurance Bill 2020 and is forwarded to me, I would speedily subject it to the necessary executive checks and sign it into law,’’ he assured.

The president further expressed appreciation on the conferment of the fellowship award as the grand patron of the institute, describing it as an “honour.”

In his remarks, Muftau Oyegunle, CIIN president, lauded the Buhari-led administration’s sustained efforts to eliminate poverty in the country through initiatives such as the national social investment programme, among others.

‘‘These programmes and many others have impacted Nigerians. Your Excellency, the inclusion of insurance in the policy formulation of these great initiatives will guarantee sustainability,’’ he added.