The Customer Complaints Bureau of the Nigeria Insurers Association (NIA) resolved 63 conflicts between member firms and policyholders in the past one year, The Nation has learnt.
There are, however, 19 more cases about to be fully resolved.
The NIA, in its 2019/2020 Annual Report made available to reporters in Lagos, stated that the association would continue to work to reduce complaints of policyholders.
NIA Director-General, Mrs Yetunde Ilori said: “The Bureau in the past year fully resolved 63 cases and another 19 cases about to be fully resolved between insurance companies and policyholders.
“The NIA Customer Complaints Bureau has been effective in resolving conflicts between member companies and complaints received from policyholders against member companies, thereby engendering confidence of the insuring public in the insurance industry.
“We are hopeful that all the affected member companies will fully cooperate with the secretariat to ensure that all outstanding conflicts are resolved as soon as possible.”
She further stated that the financial statements of the association for the year ended 31st December, 2019 showed that Total Assets have grown by 17 per cent from N1.44 billion in 2018 to N1.69 billion in 2019.
“The increase in financial assets resulted from the association’s building work in progress.
“The association generated a gross income of N434 million in 2019 as against N401 million in 2018. The amount represents 15 per cent of expected income of N376 million for the year under review. This increase was attributable to improved earnings from Annual Membership Subscription, share of surplus of the Nigeria Insurance Industry Database (NIID) Project, surplus on training and technical committee retreat.
“Expected Annual Membership Subscription was N235 million but N265 million was achieved, representing 113 per cent surplus.
‘’Similarly, share of surplus of NIID Project grew by 126 per cent from N80 million in 2018 to N101 million in 2019. This was 15 per cent more than the budgeted amount of N88 million in 2019,’’ she said.