The Director General of the Nigerian Insurers Association (NIA), Yetunde Ilori, has assured insured business owners whose properties were affected during the #Endsars protest of prompt settlements by their insurers
The DG, who gave the assurance in a webinar described the level of damage and losses incurred during the violence as collosal and catastrophic, “because the insurance industry has not had time to do much business this year.”
Confident that the industry was well set to handle such situation, she noted that insurance is about handling such unforeseen circumstances, saying all insurance companies must have assumed responsibility, putting in place cover for their clients at this time. “I believe simultaneously they would have put in place real insurance arrangement to cover their back as well.”
Though she lamented that the violence was one occasion with many claims at the same time, Ilori said: “We are prepared, just that we have too many claims hitting us at the same time. “When you talk of insurance, you look at pulling together risks and on the back of the insurance you have the second layer called real insurance. And so for all insurance companies they must have assumed responsibility.”
She said only those who have been insured, who had earlier bought insurance covers will be settled, assuring customers not to be bothered.
“The less the enormity of the losses the faster.It might take a while, but I promise claims will be settled promptly.
No need to be afraid for how long claims will be settled. I must say that settlement will only be for those who have been insured. The less the enormity of the losses the faster.”
Noting that claims process entails documentation, she said the length of time depends on how quickly the customers can put together the documents required by the insurance companies.
She appreciated the fact that the violence has highlighted the need for insurance policy. “Many have now seen the need to ensure.