By Ikechukwu Amaechi
Is Nigeria’s insurance industry now a glorified Ponzi scheme? This is the question concentrating the minds of investors right now. It has concentrated mine since August last year.
The reason is simple. When an insurance company defaults in paying the claims of clients at the maturity of a policy, it is not better than a Ponzi scheme, an unconscionable pyramid investment that lures investors solely to defraud them.
An insurance firm that conjures all manner of policies to entice clients without intention of meeting obligations is a pyramid investment. Simple!
– Advertisement –
And that is what Industrial and General Insurance Plc. (IGI) has become and I will not let it get away with the fraud.
Luckily, President Muhammadu Buhari is in sync with Nigerians on this issue.
Speaking in Abuja on October 14, 2021 during his conferment with the grand patron of the Chartered Insurance Institute of Nigeria (CIIN), Buhari had a simple advice for his guests: honour the claims of your clients in good time.
He implored insurers to increase the number of Nigerians and businesses that would benefit from and be benefited by insurance.
“As you are well aware, you need to dispel misconceptions about the insurance industry presently held by a good number of Nigerians, especially as it relates to claims and need for insurance,” Buhari said.
– Advertisement –
‘‘The insurance industry as a whole must improve its efficiency and honour claims in good…
