IN compliance with the National Insurance Commission, NAICOM, September 30 deadline for payment of all outstanding claims by insurance firms, the new management of NICON Insurance Ltd, has settled all outstanding claims in the company’s files. The claims settled by the company total N400 million.
The company said this was to fulfil the mandate given to the new management led by Bayode Samuel, NICON managing director. Samuel’s regime was saddled with the responsibility of repositioning the company for optimum performance.
A statement issued by the company said the payment of NICON’s outstanding claims was a key performance indicator for the company. “Claims settlement is pivotal to the business of insurance and anything short of this is unethical. That is why in our unwavering quest for alignment with operational and regulatory standards, we have settled and disbursed in excess of N400 Million to all our numerous clients across Nigeria on outstanding claims due under the defunct National Insurance Corporation and the new one under my leadership.”
Samuel said having successfully cleared the company’s outstanding claims, NICON has joined every other liquid player in the industry poised to clean its books as directed by the regulator. He also said that NICON has been repositioned to take advantage of strategic opportunities untapped in the insurance industry via various alliances with different stakeholders in the insurance and financial Industry by introducing insurance benefits to almost all sectors of the economy.
He also urged the insuring public to take advantage of the new development in NICON Insurance of today by insuring their general and life assurance businesses with NICON which has remained the flagship and the biggest in Nigeria by Asset base in excess of N40 billion with more than 42 branches nationwide and six regional offices.
— Oct 19, 2015 @ 01:00 GMT