Insurers pay N9 billion claims on #EndSARS losses

Insurance companies under the umbrella body of the Nigerian Insurers Association (NIA) have so far paid out claims totalling about N9 billion to different customers that suffered losses from the lootings and destructions that followed the #EndSARS protests

The Nigerian Insurers Association 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.

The report showed that the insurance companies settled 718 claims on vandalization; 93 cases on looting; 113 on theft; and 136 on loss of cash.

NIA also disclosed that 99 claims were settled on malicious damage; eight claims on business interruption; 455 claims on burglary attack and 912 claims on fire and burnt site.

Yetunde Ilori, director-general, NIA, said, it is just one year after the violence that erupted during the #ENDSARS protests in Lagos and across other major cities and state capitals in Nigeria.

She said, “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.

“We commiserate and sympathize with those who lost their loved ones during the crisis as well as those whose businesses suffered one form of loss or the other.

“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.”

She 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.

Modestus Anaesoronye

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.