The National Insurance Commission (NAICOM) has said that it will pay more attention on suitable premium rates for products in the insurance industry by 2018.
The Commissioner for Insurance, Mohammed Kari, who disclosed this during the 2017 Annual Seminar for Insurance Journalists organised by the Commission in Kaduna, Kaduna State, said the decision became necessary in view of the enormous complaints on poor management of rates by underwriters.
According to him, the leadership of the Nigerian Insurers Association (NIA), had approached the Commission to intervene in the crisis currently undermining the rating of insurance risks, which led to its resolve to find a lasting solution to the menace next year.
He frowned at claims by some operators that the industry is not faced by this scourge of rate cutting, noting that the industry has left all other areas of competition to focus on pricing, a development, he said, is affecting their ability to pay claims as and when due.
The Director, Authorisation and Policy, NAICOM, Pius Agboola, argued that the claim by some insurers that there is no rate cutting is false, as some operators are begging the Commission to intervene on the matter.