By Henry Uche 

The Nigerian Insurers Association (NIA) said Insurance companies have paid over N11billion claims to the insured who suffered losses from the #ENDSARS riots which led to loss of lives and properties in 2020. 

The Chairman of NIA, Ganiyu Musa, who disclosed this at a maiden press briefing with Journalists in Lagos recently also said insurance companies in Nigeria paid N224billion claims to the insuring public in 2021. 

“Insurance companies have paid over N11billion claims to the insured that suffered losses from the #EndSARS riots in 2020. We have emphasized the need for insurance companies to pay all genuine insurance claims and will not hesitate to sanction erring member companies. 

“Last year, the Gross Premium Written stood at about N508billion while claims paid by member companies amounted to about N224billion which is 44 per cent of the total industry premium,” 

Musa stressed that the Consolidated Insurance Bill 2020 & Finance Act 2021, was one of the initiatives NIA had undertaken which is receiving legislative attention in the National Assembly and the Association has been on top of developments on it. 

“We are optimistic that the Bill will be passed into law before long. We are happy to note that the Finance Act 2021 was signed into law and has resolved a major issue with regards to the definition of the components of minimum capital. The Association is engaging the National Insurance Commission (NAICOM)with a view to determining the next steps,” 

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He noted that NAICOM portal and market development were other initiatives of the association which had seen an increase in the upload on NAICOM’s portal, saying, “we have encouraged those who have challenges to escalate them so that a solution can be provided. We shall continue to complement the efforts of NAICOM in their campaign on domestication of compulsory insurances in the states. It is our expectation that laws on compulsory insurance can be domesticated in other states just as Lagos State has done,” 

He added that beyond the efforts of the Commission, NIA had upscaled its market development initiatives through strategic engagements with the various states, which include: Lagos State Ministry of Transport – Lagos State Vehicle Inspection Service (VIS); Ministry of Physical Planning and Urban Development – Lagos State Building Control Agency (LASBCA)  and Lagos State Safety Commission (LSC). 

“We are working with Lagos government in enforcement and validation of genuine compulsory third Party insurance made mandatory by Law through Automatic Number Plate Recognition (ANPR) device of VIS through Nigerian Insurance Industry Database (NIID) Verification Platform. 

“The Association is in discussion with LASBCA with a view to using the Nigerian Insurance Industry Database (NIID) Verification Platform for enforcement, verification, and validation of genuine compulsory Buildings Under Construction Insurances made mandatory by Law through Insurance Act 2003 (SECTION 64), and Lagos State Urban and Regional Planning and Development (Amendment) Law 2019 (Lagos State Urban and Regional Planning and Development Law, CAP U2 Lagos State Building Control Agency Regulations, 

He affirmed that NIA was collaborating with LSC, NCRIB and Courteville on the implementation, enforcement and validation of genuine compulsory Occupiers Liability Insurance made mandatory by Law for all public buildings through Nigerian Insurance Industry Database (NIID) Verification Platforms. 

Other initiatives are: Nigerian Shippers’ Council Container Insurance Project (Package Policy) which is receiving attention between NIA, NAICOM, Nigerian Shippers Council, Project IT Vendor-BrandOne and other stakeholders in the maritime value chain including Shippers/ Importer, Clearing Agents, Track Owners, Guild of Marine Surveyors, PRAN and Tracking Companies on provision of cover for containers.