President Muhammadu Buhari have continued to show better understanding of the workings of insurance companies as he urge insurance managers to speedy up their claims payment processes and procedures if only to attract more clients to their business.
Buhari who spoke at the State House in Abuja when he was named Grand Patron of the Chartered Insurance Institute of Nigeria (CIIN) by the Governing Council hailed the CIIN under Sir Muftau Oyegunle for bringing some sanity into the insurance industry and charged the body to do more.
Buhari urged the institute to ensure that more Nigerians and businesses benefit from the advantages of insurance policies.
“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.
‘‘The insurance industry as a whole must improve its efficiency and honour claims in good time,’’ he said.
The Nigerian leader thanked the CIIN and insurance players for supporting his government and appreciating progress made in various sectors.
The President promised to continually provide the necessary support to the industry to maximise its contribution to socio-economic growth.
Buhari assured that once the National Assembly completes the review of the Consolidated Insurance Bill 2020, he would “speedily subject it to the necessary executive checks and sign it into law”.