Despite the directive by the National Insurance Commission (NAICOM) to African Alliance to address and settle all outstanding claims from their customers, aggrieved customers continue to throng the office of the insurance company with complaints of unpaid outstanding claims.
The story is not different with customers of Niger Insurance Plc who are suffering similar fate.
Videos seen show angry customers with various complaints at the office of the company.
In some of the videos, an angry woman was seen in what appeared to be the reception of the insurance firm’s office being pacified by a policeman. But the woman lamented the troubles she was being put through. “I come from Ojo to this place
Another distraught woman said: “I live in Ikorodu and I come here everyday. The troubles have become too much.”
In July 2024, NAICOM mandated the board of African Alliance Insurance Plc to address and settle all outstanding claims from their customers as well as submit a turnaround plan for addressing the challenges faced by the company.
In August, the Executive Director (Technical) of African Alliance, Wasiu Amao, disclosed that the company was working on the turnaround plan directed by the National Insurance Commission. Amao was responding to concerns about the operations of the firm.
Speaking in a statement, Amao said, “First and foremost, we want to assure all our stakeholders that African Alliance is still very much operational and committed to paying all genuine claims. Annuity payments have also commenced and are being processed diligently to ensure they are completed as soon as possible. We have engaged our customers on multiple channels intimating them on the payment progress. All pending claims will also be honoured in due course, as we are fully committed to resolving these matters.
“We want to put to rest any fears: African Alliance is built to stand the test of time. We are actively working on the turnaround plans requested by the National Insurance Commission and are committed to fulfilling our obligations to all stakeholders.
“Our management team remains intact, and our website is fully operational as part of our ongoing commitment to serving our clients. We are here to stay, and we will continue to strive to provide excellent service and a great customer experience.”
Amao also clarified that the firm had not shut down but was closed due to the nationwide protests that began on August 1.
“We temporarily transitioned to remote work to ensure the safety of our staff and clients. However, critical staff were on the ground all through the protest period. Full onsite operations resumed on Thursday, August 8, 2024. We regret any inconvenience this temporary measure may have caused and appreciate the understanding of our stakeholders during this period,” he explained.
Similarly, customers of Niger Insurance Plc continue to lament unpaid claims by the insurance company. Recall that the firm had disclosed that it paid N1.7 billion as claims in 2019.
But despite the claim, it’s customers continue to reel under the heavy weight of the burden of unpaid claims. According to a customer who pleaded anonymity, the insurance company began to default in payment of claims long before the present crisis.
“I thought it would be wise for me to have an insurance policy that would guarantee the future of my children. But if I cannot get my claims while i am still alive, what guarantee do I have that my children would be paid when I am gone?,” the customer said.
A financial expert who spoke with The Post expressed concern over what he termed as the failure of the Federal Government put in place proper structure that will support and protect insurance customers in times like this.
“”The Federal Government is focussing its attention on the banks and leaving the insurance sector to suffer. Unfortunately, the damage being done to the financial sector is even more dangerous.”
