Nigerian Insurers Settle N4bn #EndSARS Claims
The Nigerian Insurers Association has said insurance companies have so far paid N4bn claims from the estimated losses from #EndSARS protests in October last year.
The Chairman, NIA, Mr Ganiyu Musa, disclosed this during a virtual press briefing in Lagos on Thursday.
He said, “The number of insured ac that were affected at the last count was about 2,000 insured losses and the industry has settled over N4bn claims in respect of the #EndSARS protest.
“Once they are documented and completed, we have the commitment of our members that claims will be paid timely.
“The association is on top of developments on the aftermath of the protests and will continue to encourage members to pay all genuine claims in line with the extant policies.”
Figures earlier obtained from the NIA showed that 25 insurance companies recorded a total claims of N20.4bn as of the end of February.
According to the figures, the companies set aside a reserve of N13.2bn to settle the claims.
In October, some youths commenced peaceful protests tagged #EndSARS to demand the disbandment of the Special Anti-Robbery Squad and other reforms in the Nigerian Police Force.
While speaking on the Consolidated Insurance Bill 2020, Musa said the NIA welcomed the review as it would align the Act with global best practice and promote the business of insurance in the country.
According to him, the current insurance legislation was outdated and has made it impossible to do things that need to be done.