Merit Ibe

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.”

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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.