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Home » Business » Insurance and You » Insurance operators bank on NAICOM portal to curb rate cutting, others
Insurance operators bank on NAICOM portal to curb rate cutting, others
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By Rosemary Onuoha
Insurance operators are banking on the introduction of the National Insurance Commission, NAICOM, portal next year to curtail the menace of rate cutting and other unprofessional practices impacting negatively on turnover of companies.
Rate cutting is one of the desperate but unprofessional practices adopted by some insurance firms to get business at all cost. It is the act of charging a low or reduced premium for an insurance policy which is not commensurate with the risks being carried.