CPC, Stakeholders unveils colloquium to address challenges confronting insurance sector

The Consumer Protection Council (CPC) and some stakeholders have concluded arrangements for the convocation of a consumers’ colloquium with a view to proffering solutions to the consumer issues in the nation’s insurance sector.

A statement by the coordinator of the event, Ogah Columba, stated that the maiden Annual National Insurance Consumers’ Colloquium” is a platform for an in-depth discussion and a means of taking practical steps in dealing with and managing the various challenges concerning insurance consumers and the insurance industry.

According to him: “The problem of insurance firms and insurance consumers in Nigeria is also the problem of everyone in the society, particularly in terms of self-preservation,” stating further that “this is because failure to insure is a threat to individual and national prosperity.”

He said further, “It is in view of this that we make the challenges facing insurance consumers as well as the issue of insurance penetration and awareness an imperative to tackle in the maiden edition of the Annual National Insurance Consumers’ Colloquium 2016.

The statement revealed that the Colloquium with the theme, “100 Years After: Is Insurance Working in Nigeria?” seeks to “bring together stakeholders from the insurance industry, regulatory environment, and policy making institutions, including consumers and the media, to identify the challenges facing consumers in the industry, proffer the way forward and inspire commitment from all stakeholders.”

Ogah also disclosed that highly experienced experts and discussants are expected at the event.

He revealed that the Consumer Protection Council, collaborating to organise the event, is deeply committed to the project especially as the Director General of the Council, Mrs. Dupe Atoki, has made sector based intervention the strategy of the agency.

Complaints received by CPC indicate that consumers in the insurance sector are faced with numerous challenges, including sale of fake insurance policies, incessant delays in payment of claims, repudiation of claims on very flimsy grounds, unnecessary rigours in claims documentation and investigation processes, non-disclosure of vital information to consumers, and fraudulent abscondment of agents with premiums paid by unsuspecting consumers.

The two-day colloquium, which has been scheduled to hold from July 26, 2016, is being jointly organised by the Council insurance stakeholders, Pastures Consult Limited, Congress International Limited and consumer NGOs.