By Chiamaka Ajeamo
Insurance companies have paid claims totalling about N9 billion to policyholders who suffered losses from the looting and destruction that marred last year’s #EndSARS protests across Nigeria.
The Nigerian Insurers Association (NIA) disclosed this in a report on claims paid one year after the protest.
According to the report, three death claims were paid while claims were paid on other property losses.
A breakdown of the report showed that the insurance companies settled 718 claims on vandalisation; 93 cases on looting; 113 on theft; and 136 on the loss of cash.
NIA also disclosed that 99 claims were settled on malicious damage; eight claims on business interruption; 455 claims on burglary attacks and 912 claims on fire and burnt sites.
NIA Director-General Mrs Yetunde Ilori, commenting on the one year anniversary of the #EndSARS protests that rocked Lagos and other states across the country, commiserate and sympathised with those who lost their loved ones during the crisis as well as those whose businesses suffered one form of loss or the other.
‘What started as a protest about the State Anti-Robbery Police Unit later snowballed into a crisis of unprecedented dimension with resultant loss of lives and properties,’ she said.
‘Following huge losses suffered by businesses in the aftermath of the #EndSARS violence, the insurance industry in line with its role of providing financial intermediation and restoring businesses quickly moved in to provide the necessary cushion for those that have insurance cover and others who suffered losses to their businesses.’
Ilori assured Nigerians that the Nigerian insurance industry will continue to live up to its mandate of supporting businesses by paying all genuine claims promptly and called on individuals and corporate entities to imbibe the culture of insuring their lives and property as insurance exists to cushion the harsh effects of unforeseen circumstances and situations.
NIA Chairman Ganiyu Musa urged governments at all levels to ensure that all their assets, physical and human, are properly covered by relevant insurances; as well as provide an enabling environment for the insurance business to thrive.
‘Nobody ever thought that something like the #EndSARS protests would happen and result in so much economic damage. The losses were unexpected, but that is the reason why insurance exists.
‘Those who had valid insurance cover on their property will now understand the value of insurance as an instrument to restore you in case the unexpected happens,’ Musa said.
According to him, if all the lives and properties damaged were insured, the insurance companies would have been able to pay all the claims.
The post Insurance companies pay N9 billion claims on #EndSARS losses appeared first on The Sun Nigeria.