Insurers Commended For Settling N9bn Claims On Losses From #EndSARS Protest
Mrs (Dr) Zainab Shamsuna Ahmed
Insurance operators in Nigeria have been commended for their swift response to the settlement of claims that arose from the #EndSARS protest which took place across the country in October 2020.
Making the commendation at the investiture ceremony of the new president of the Nigerian Council of Registered Insurance Brokers (NCRIB), Barr Oluwarotimi Edu in Lagos recently, the Minister of Finance, Budget and National Planning, Mrs (Dr) Zainab Shamsuna Ahmed, on behalf of the Federal Government said: “The Federal Government is grateful to the Nigeria insurance industry.”
While thanking the outgoing president of the Council, Dr (Mrs) Bolo Onigbogi for her contributions to the growth of the industry during her tenure, Finance Minister said, “I must also say that your tenure is a remarkable one that has given the industry some level of stability and successes.
“The insurance industry’s swift response to the settlement of claims that arose from the Endsars crisis which I am told is over N9 billion cannot go without mention on occasion like this. The insurance industry has done well but can do more.
“I want to congratulate you Madam on your achievements and I believe this is just a stepping stone to what the industry should expect from your successor. We express our gratitude for your selfless service and wish you well in all your future endeavours.”
Meanwhile, Insurance companies under the aegis of the Nigerian Insurers Association (NIA) have so far paid claims totaling about N9 billion to different customers that suffered losses from the lootings and destructions that marred the #EndSARS protests in the country in October 2020.
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.
The Director-General, NIA, Mrs. Yetunde Ilori, 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.
Lagos State Governor Babajide Sanwo-Olu, had commended insurers for living up to their claims responsibility, just as he encourage them to engage on more aggressive advocacy and awareness to promote the benefits of insurance.
