Insurance firms may pay claims on assets lost to EndSARS protest
There are indications that insurance firms may pay compensation to policyholders who may have suffered losses as a result of the EndSARS protests nationwide.
Specifically, an industry chieftain told AssurPen Online that all private and public Fire and special perils policyholders who have renewed their insurance policy this year and paid the premium would be adequately compensated for their losses.
Besides, he explained that fire insurance policy cover grants protection for extraneous peril on request which may be covered on payment of additional premium, like the peril of storm, riot, strike, as we have witnessed in the past few days. We are both aware of the many assets that has been engulfed by fire particularly the public assets most of which, have this policy on ground but don’t pay the appropriate premium.
One of the burnt asset.
According to him, these are the challenges that may cause delay in payment of claims to the affected victims of this protest. Lamenting the sad situation said, “the insurance industry in Nigeria has grown to the extent that no underwriting company will deliberately delay payment of legitimate claims because we are in the business of risk bearing and more importantly such insurance company risk loosing its operating License. Regrettably the blame are always wrongly put at the doorstep of insurance companies which the regulator is battling to correct.”
A source in the National Insurance Commission (NAICOM) who spoke to AssurPen Online said “we sympathize with the families that lost their love ones to the protest, however insurance arrangement is the backbone of any economy in the world over. Insurance engenders confidence and hope within investors, which propels into new projects. But the penetration level of insurance in the country is less than one per cent, that is why the Commission is continuing campaign on insurance awareness to all nooks and crannies of this country on the economic benefits of insurance to life and property.”