Mr Fola Daniel, the Commissioner for Insurance, on Thursday, commended the local insurance industry on the payment of claims to families of victims of the crashed Dana Airline.
Dainel, who gave the commendation in Ilorin at a seminar for finance and business editors, said that all beneficiaries were being paid their entitlements.
“On the Dana claims, we are doing well, if anybody has not received claims, it is due to problem of documentation,” he said.
Daniel said that 70 per cent of the claims were being handled by foreign companies, while 30 per cent were being done by Nigerian companies.
He alleged that the payment was nearly marred by crisis as some people came up with frivolous affidavits to support claims that were not due to them.
The commissioner said that insurance was still considered elitist in Nigeria as very few persons in the urban centres subscribed to insurance policies.
He said that the insurance industry in the country had a lot of potential to grow if the business was encouraged at the grass roots.
Daniel said that in the bid to develop this potential, NAICOM was in the final stages of developing a framework for micro insurance in the country.
He said that the exposure draft of the framework had been released for inputs from stakeholders.