Insurers owe Dangote Group over N400m

PRESIDENT/Chief Executive Officer of Dangote Group, Alhaji Aliko Dangote has said that two insurance companies have refused to pay about N400 million claims being owed subsidiaries of the Group since 2016. Dangote said that such action can cripple the operations of a company. He disclosed this while speaking at an interactive session with major consumers of insurance products and services organised by the National Insurance Commission (NAICOM) in Lagos. Represented by the Group Chief Risk & Insurance Officer, Ms Nike Fajemirokun, Dangote said that the Group has never defaulted in premium payment even as it paid a total of N5 billion as insurance premium in 2016. While delivering a paper titled:” “Issues and Challenges of Consumers in the Management of their Insurance Portfolio” Dangote said that despite the huge premium paid some companies are yet to settle over N400 million claims they own the company. He said, “Insurers need to be more proactive in studying the operations of consumers and fashion out generic risk solution models. There should be stronger insurers with prompt claims paying abilities and consistent customer experience.” In his welcome address, Commissioner for Insurance, Mohammed Kari said that the meeting is aimed at achieving better services from insurance institutions among others. Kari said: “Understanding what customers want is paramount in building a better customer experience. “We believe such regular interface will afford us the opportunity to listen to your ideas and contributions towards making the industry as consumer friendly as possible”, he added.

-Vanguard