NACCIMA wants severe penalty for defaulting insurance firms

The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) on Tuesday called for severe penalty for insurance companies found wanting in their transactions with clients.

John Isemede, director-general of the association, made the call in an interview with the News Agency of Nigeria (NAN) in Lagos.

Isemede, therefore, urged the National Insurance Commission (NAICOM) to strengthen its monitoring units, to track down those that were out to tarnish the image of the industry.

He said that the trend, if allowed to continue, would discourage many from taking insurance policies.

“Most people no longer trust many insurance companies due to the dubious attitude of some of them.

“Most insurance companies cheat people by either under-valuing or over-valuing goods, while some delayed the payment of claims in the event of a loss.

“The Federal Government and NAICOM should monitor the companies because most of them deal with clients wrongly and go unpunished”, he said.

Isemede also called on concerned bodies to provide adequate insurance cover for commercial motorcycles and tricycle riders.

He reiterated the need for journalists and workers in other delicate professions to acquire insurance cover.