Nigerian Insurance Industry Has Capacity To Carry Risk, Paid N11bn For #EndSARS Claims – NIA DG
Mrs Yetunde Ilori, NIA DG
The Director General, Nigeria Insurers Association (NIA), Mrs Yetunde Ilori has assured Nigerian that the Nigerian insurance industry has enough capacity to carry their various risks.
NIA DG who gave the assurance at the Stakeholders Meeting on Compulsory insurances (Public Buildings) for Lagos State, organized by the Lagos State Safety Commission in collaboration with NIA, said the industry within one year has paid over N11 billion claims to those with genuine insurance policies who were affected by the 2020 #EndSARS protests.
She assured Nigerians that the insurance industry has the capacity to mitigate all their insurance risks.
The stakeholders meeting marked the flagging off of awareness campaign on Occupiers and Builders Liability Insurance in the state.
Ilori said it is wrong when people with little or no knowledge on the workings of insurance said that all insurance companies in Nigeria cannot insure one airplane.
According to her, there won’t be any doubt if the insurance industry is capable if one understands how insurance works. ”Insurance is not magic, if you understands how it works, you will know that Nigerian insurance industry has the capacity to carry your risks.
“The insurance industry in Nigeria has the capacity to indemnify all the liabilities that arises as a result of risk involved because insurance is a global business”, she said.
“ It may be interested to know that insurance industry in Nigeria that people are saying lack capacity has within one year paid over N11 billion to those who were affected by the 2020 #EndSARS protest,” she explained.
Lack of understanding may make people think it does not work. They take your premiums and pay you claims when risks occur “, she assured.
Ilori noted that the rationale behind the event was to create awareness on the benefits to be derive when taken insurance as well teach the public on the need to take insurance as risks mitigation mechanism.
She assured that NIA has taken another bold step to digitalize the purchase of Occupiers Liability Insurance, call for the support of the State even as pledged the association’s commitment to work with the state to ensure a safer Lagos.
