From Joseph Inokotong (Abuja) and Chiamaka Ajeamo
Insurance companies under the umbrella of the Nigerian Insurers Association (NIA) have so far paid claims totaling N9billion to different policyholders who suffered losses from the lootings and destructions that trailed the #EndSARS protests across the country in October 2020.
The NIA disclosed this in a report on claims paid one year after the protest.
According to the report, three death claims were paid in addition to payment on other property losses.
A breakdown of the report showed that the insurance companies settled 718 claims on vandalisation; 93 cases on looting; 113 on theft; and 136 on loss of cash.
NIA also disclosed that 99 claims were settled on malicious damage; eight claims on business interruption; 455 claims on burglary attack and 912 claims on fire and burnt sites.
The Director-General, NIA, Mrs Yetunde Ilori, while commenting on the one year anniversary of the #EndSARS protests that rocked Lagos and other states of the country, commiserated with those who lost their loved ones during the crisis as well as those whose businesses suffered losses.
She said, “What started as a protest about the State Anti-Robbery Police Unit later snowballed into a crisis of unprecedented dimension with resultant loss of lives and properties.
“”Following huge losses suffered by businesses in the aftermath of the #ENDSARS violence, the insurance industry in line with its role of providing financial intermediation and restoring businesses quickly moved in to provide the necessary cushion for those that have insurance cover and others who suffered losses to their businesses.”
She assured Nigerians that the Nigerian insurance industry will continue to live up to its mandate of supporting businesses by paying all genuine claims promptly and called on individuals and corporate entities to imbibe the culture of insuring their lives and property which exists to cushion the harsh effects of unforeseen circumstances and situations.
For his part, the Chairman of the Nigerian Insurers Association (NIA), Ganiyu Musa, urged governments at all levels to ensure that all their assets, physical and human are properly covered by relevant insurances; as well as provide an enabling environment for insurance business to thrive. “Nobody ever thought that something like the #EndSARS protests would happen and result in so much economic damage.