Connect with us

Business News

#EndSARSmemorial: What Insurers Have Done One Year After




Yesterday, protesters in car procession hit the Lekki Tollgate, Lagos for one year anniversary of the historic #ENDSARS protest, a youth-driven anti police brutality demonstration which on October 20, 2020 turned bloody as Soldiers allegedly shot brutally at peaceful protesters at the Lekki Toll gate.

So many Nigerians have lamented on the losses incurred as a result of the protest which according to the Nigeria Insurers Association was more than N200 billion but not all losses are insured.

Giving the statistics of claims settled by insurance companies, The Association in a report titled “claims paid one year after the protest” stated that Insurance companies have paid more than N9 billion so far as at the last count, three death claims were paid while claims were paid on other property losses, underwriters settled 718 claims on vandalization; 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 site.

However, it stated that this is certainly not all as The underwriters still have quite a lot of claims that are going through processes of documentation.

The Director-General, NIA, Mrs Yetunde Ilori, 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.

“We commiserate and sympathize with those who lost their loved ones during the crisis as well as those whose businesses suffered one form of loss or the other.

“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 as insurance exists to cushion the harsh effects of unforeseen circumstances and situations.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Breaking News...