Insurance companies operating in Nigeria paid over N11 billion claims as at the end of February, 2022 arising from the destruction of the ENDSARS protest of October, 2020.
The Chairman of the Nigerian Insurers Association (NIA), Mr. Ganiyu Musa, said at a media parley with members of the National Association of Insurance and Pension Correspondents (NAIPCO) in Lago, that a total sum of N20 billion claims has so far been filed with our members, adding that by the time all the collation are done, he said , it is likely that the industry may pay up to N20 billion as claims from the destruction.
Besides, the NIA boss who is also Group Managing Director, Cornerstone Insurance Plc, disclosed that a number of the outstanding claim cases are still going through investigation by the Loss Adjusters.
Said he, “I am indeed happy to report that Insurance companies have paid over N11billion claims to insureds that suffered losses from the Endsars riots in 2020.
He restated how critical claims payment is to the Association, and encouraged all insurance companies to take timely claim settlement very seriously, stating that the association will not hesitate to take drastic action against those falling short of the requirement.
“The Association will continue to emphasize the need for insurance companies to pay all genuine insurance claims and will not hesitate to sanction erring member companies,” he said.
Mr. Musa called on insurance operators to keep to their contractual promises through prompt and timely payment of claims when there are claims to pay.
He said as of the end of 2020, the industry generated a total premium of N508 billion and settled claims amounting to N224 billion.
“During the last year, the Gross Premium Written stood at about N508billion while claims paid by member companies amounted to about N224billion which is 44% of the total industry premium.” Ganiyu Musa said.