The Nigerian Insurers Association (NIA) said Thursday that insurance companies have paid N4 billion as claims as a result of last year’s #EndSARS-related violence.
Addressing journalists in Lagos, Ganiyu Musa, Chairman, NIA, said about 2,000 insured businesses were affected by the violence.
Mr Musa also assured customers that all genuine claims resulting from the protests would be paid.
He said insurance operators were still collating claims stressing that every genuine claim would be settled.
“The number of insured businesses that were affected at the last count was about 2,000 and the industry has settled N4 billion claims out of N4.5 billion in respect of the #EndSARS protests.
“Once they are documented and completed, we have the commitment of our members that the claims will be paid timely,” he said.
Mr Musa said the association was on top of the developments and would continue to encourage its members to pay all genuine claims in line with the expand policies.
Protesters under the banner of #EndSARS had trooped out from Nigeria’s major towns and cities in October last year demanding an end to police brutality and a comprehensive reform of the police in the country.
The protest which went on peacefully for about two weeks suddenly turned violent after it was hijacked by hoodlums.
The hoodlums initially started with breaking into warehouses to loot government’s hidden COVID-19 palliatives.
Causing wide unrest in different parts of the country with little or no check by security agencies, the hoodlums later began to loot homes, private businesses, and public properties.
They also attacked security agents and citizens.
Review of insurance law
On the review of the Consolidated Insurance Act 2020, the NIA chair expressed satisfaction that it would align the insurance industry with the global best practices and as well promote insurance business in the country.
He noted that the current insurance legislation was outdated, thereby making it impossible to do things that needs to be done.
Third party vehicle insurance
He disclosed that the association had commenced discussions with the Lagos State Building Control Agency as part of engagements on the implementation of Lagos State Building law in line with the compulsory insurance initiative.
“We are also working closely with the state Vehicle Inspection Service on enforcement of Third Party Motor Insurance in the state.
” We are engaging Kaduna, Kogi and Ogun states, and remain hopeful that other states will see value in the platform and embrace it.
“Out of the estimated 13 million vehicles in Nigeria only about 2,939,767 Third Party Motor policies are in force as of April 26, 2021,” he said.