So Far Our Members Have Paid Over N11bn Claims On EndSARS Riots – NIA Chairman
Mr. Ganiyu Musa, NIA Chairman
The Chairman of the Nigerian Insurers Association (NIA), the umbrella body of all Insurance and reinsurance companies in Nigeria, Mr. Ganiyu Musa, said as of the end of February 2022, insurers have paid over N11 billion for claims emanating from the destructions of the October 2020 EndSARS protest.
The NIA Chairman, who is also the Group Managing Director of Cornerstone Insurance Plc, made this known today during a media parley with members of the National Association of Insurance and Pension Correspondents (NAIPCO) in Lagos.
He said a total of N20 billion claims has so far been filed by the members, adding that by the time everything is said and done, it is possible the industry will pay up to N20 billion as claims on the incidence alone.
NIA boss said a number of the outstanding claims are still going through investigations and discussions.
According to him, 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.
