NAICOM Releases Report Of Policyholders Complaint Against Insurance Firms

The National Insurance Commission (NAICOM) has released a report detailing complaints filed by policyholders against various insurance companies in Nigeria.

According to the complaints totalling 1,571, Industrial and General Insurance (IGI) Plc topped 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.