By GINIKA OKOYE/RUKAYAT ADEYEMI

The National Insurance Commission (NAICOM) says it will commence the ranking and rating of insurance companies in line with the number of claims received and settled on annual basis.

The Commissioner for Insurance, Mr Sunday Thomas, said this at the 2022 retreat for financial correspondents in Uyo on Saturday.

Thomas said the Commission would also publish such ranking for the insurance consumers.

He said that although claims payment was an issue in the industry, the Commission he added was doing all it could to bring non-settlement of claims was brought to its barest minimum.

According to him, the Commission is trying to open up the market across the geo-political zones by reaching out to the states where insurance penetration is perceived to be very low.

“We expect the industry to respond to these efforts by bridging the supply gap and ensure they follow up on the Commission’s move to create awareness among high ranking policy makers.

“This is to prove that the industry is ready for the booming opportunities awaiting them across the country.

“Let me inform you that the Commission will soon be unveiling its sandbox to give room for innovative expansion of insurance reach out.

“The web aggregators’ guideline is also aimed at opening access to insurance and also a means of creating a convenient market for insurance.

“We can gladly say that the Nigerian Insurance market has undergone substantial structural and regulatory reforms over the years following the market development initiatives being implemented,” he said.

Thomas added that the theme of the retreat Improving Insurance Access through Market Development and Innovation in 2022 and Beyond,’ was to consolidate on his administration’s agenda of developing the market and deepening penetration. (NAN)