#EndSARS destructions: NIA re

Sanwo-Olu with protesters

A total of N9.7 billion from 1,036 claims have been lodged across the country by those who were affected by #EndSARS riots destructions, according to the Director-General, Nigerian Insurers Association (NIA) Mrs. Yetunde Ilori.

She said the association was already collating the claims from the losses incurred during the protest, noting that as at last weekend, 14 insurance companies have reported their claims experiences to the association, stressing that the total loss that people have lodged through the companies was N9.7 billion.

“About 1,036 claims have been lodged across the country with 667 coming from Lagos

“About N7bn reserves was prepared by the 14 insurance companies to settle the claims,” she said.

Insurance industry has expressed readiness to pay all genuine claims from losses emanating from EndSARS destructions even as the National Insurance Commission (NAICOM) has called on insurance underwriters to lead in the quick recovery and restoration of businesses affected by the recent #EndSARS riot.

According to the Commissioner for Insurance, Sunday Thomas,
“More recently, widespread protests, civil unrest and destruction of properties and others have created further socio-economic hardship and barriers for business profitability and growth.

“As Nigeria reals in the pain of the destruction and losses suffered this year, the Nigerian Insurance Industry must utilize the opportunity to lead in the quick recovery and restoration of the affected businesses and also showcase its role in reinforcing the economic resilience of individuals, businesses and the economy at large.

Also speaking, the Executive Secretary, Nigerian Council of Registered Insurance Brokers (NCRIB), Mr. Fatai Adegbenro, described the incident as a good omen for the industry to prove to the insuring public that insurance works.

Mr. Adegbengo said nobody appreciate insurance until something like this happens, adding that when something like this happens and claims are paid as quickly as possible to affected insured, it builds people’s confidence in the industry just as he implored insurers to rise up to their obligations.

According to him, “the incidence is a good omen for the industry. It is an opportunity for the industry to prove to the Nigerian insuring public that insurance works in Nigeria. I would implore all the brokers and underwriters to chek their records and their books and quickly reach out to their clients who are affected, put a call through to them and when the situation settled, quickly send Loss Adjusters to go and assess the state of damage and ensure compensation is paid to enable them get back to business.

“Nobody appreciate insurance until something like this happens. When something like this happened and claims are paid as quickly as possible, it builds people’s confidence in the industry. I will implore insurers to ensure that those affected who have genuine and adequate policies are compensated within two weeks.

“I think insurance industry will rise to prove that insurance works in Nigeria and that there is no cause for alarm, that why they’re in business is to pay claims. Insurance business is to pay claims. People will not insure if they are assured that they are no claims for losses. It’s because there is possibility of loss that is why people take insurance policy. When losses occur, the there should be compensation.”

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