NAICOM urges insurers to turn recapitalisation into stronger underwriting
Nigeria’s insurance regulator has challenged insurers to use capital raised through recapitalisation to build stronger underwriting capacity and settle claims more quickly. The available report gives no details of the regulator’s timetable, targets or response from insurance companies.
The National Insurance Commission has urged insurance companies to turn capital raised through the recapitalisation exercise into stronger underwriting capacity, Punch Nigeria reports. NAICOM also called for faster settlement of claims. The regulator’s position links the additional capital to insurers’ ability to take on risks and meet obligations to policyholders more effectively.
The supplied material does not state the size of the recapitalisation exercise, the firms affected or the amount of capital raised by individual insurers. It also does not provide specific targets for underwriting capacity or claims-processing times. No details were given about sanctions, reporting requirements or a deadline for insurers to demonstrate progress.
The available information likewise contains no response from insurance companies or policyholders to the regulator’s challenge.
This independently written report is based on information supplied by the named publisher. Vertrix News has not independently verified the source report.