The Nigerian insurance industry has boosted support to the fight against COVID-19 by giving the Federal Government N11 billion free cover for 5,000 frontline healthcare workers combating the virus across the country. The Acting Commissioner of Insurance, Sunday Thomas, who disclosed this in a statement recently added that the benefit which is the sum assured payable to the families or named beneficiary of any of the workers that dies in the line of duty includes; medical doctors (N3 million); pharmacists/nurses (N2 million) and others (N1 million).
Thomas said that the premium which is in the sum of N112.5 billion for the cover has been fully paid by the industry in line with the principle of ‘No Premium No Cover’. He added that a total of 19 life insurance companies have been accredited to provide the cover with FBNInsurance Ltd as lead underwriter, to whom all claims will be referred to. The cover is for a period of 12 months effective April, 14, 2020.
Thomas added, the Life Insurance Policy which is the evidence of the contract was presented to the Chairman, Presidential Task Force on COVID-19 through the Minister of Finance, Budget and National Planning, Hajia Zainab Shamsuna Ahmed.