The Nigerian insurance industry has given to the Federal Government an N11 billion cover for 5,000 frontline healthcare workers involved in managing victims of COVID-19 across the country.
The offering to the Federal Government is the industry’s assistance in the fight against COVID 19.
The benefit is payable to the families or named beneficiary of any of the workers that dies in the line of duty including medical doctors (N3 million), pharmacists/nurses (N2 million) and others (N1 million).
The estimated liability of the insuring companies is N11 billion, and premium in the sum of N112.5 billion for the cover has been fully paid by the industry in line with the principle of ‘No Premium No Cover’.
A total of 19 life insurance companies have been accredited to provide the cover with FBNInsurance Ltd as lead underwriter, to whom all claims will be referred to. The cover is for a period of 12 months effective 14th April, 2020, Sunday Thomas, acting commissioner for insurance, said Friday.
The life insurance policy document which is the evidence of the contract has been presented to the chairman, Presidential Task Force on COVID-19 through the minister of finance, budget and national planning.
Modestus Aneasoronye
Modestus Anaesoronye is a leading Nigerian financial journalist with over two decades of experience reporting on the insurance and pension sectors across Nigeria and West Africa. He has held key editorial positions at major national media outlets, including The Comet, The Nation, and Financial Standard, and currently serves as a Senior Financial Analyst at BusinessDay Media Ltd.
A widely travelled reporter, he has covered industry developments in more than 14 countries across Africa and Asia.
Anaesoronye is a multiple award-winning journalist, honoured several times as Insurance Journalist of the Year and Pension Journalist of the Year by recognised industry bodies, including PensionScope and the Pension Fund Operators Association of Nigeria (PenOp), among others.
