Insurance companies have paid claims totaling N9 billion of possible N20 billion in compensations for losses recorded at the October 2020 #EndSARS protests.
Speaking to newsmen on Wednesday, the chairman of the Nigeria Insurance Association, NIA, Ganiyu Musa, said insurance companies had settled claims involving 718 cases of vandalism, 93 cases of looting, 113 cases of theft and 136 cases of loss of money.
“Insurance companies have paid over 9 billion naira up to the last count, but that is certainly not all as we still have a lot of pending claims.
“These claims have yet to be settled because the claimants have not provided sufficient documentation to substantiate their claims,” Musa said.
Musa pointed out that by the time applicants submit all the necessary documents, the industry would settle claims of around 20 billion naira.
He said the estimated economic losses at the protest were over 200 billion naira, but not all losses were insured.
Musa said all insurance companies in the NIA have taken up the challenge of settling all valid claims and assured that all outstanding valid claims from #EndSARS protests will be paid.
#EndSARS Anniversary: Insurance Companies Have Paid N9 Billion Of Possible N20 Billion Claims
The NIA President noted that the #EndSARS incident has been a revelation to all Nigerians that bad things happen to good people and the unexpected happens from time to time; hence the need for insurance.
“No one ever thought that something like the #EndSARS protest would happen and cause so much economic damage.
“The losses were unexpected, but that’s the reason the insurance exists.
“Those who had valid insurance coverage on their property will now understand the value of insurance as a tool to restore you in case the unexpected happens,” Musa said.
According to him, if all lives and damaged property were insured, insurance companies could have paid all claims.
Mr Musa explained that this would have been the case, as premiums would have been paid and insurance companies would have accumulated sufficient reserve funds over time to be able to pay claims.
The NIA scribe tasked governments at all levels to ensure that all of their assets, physical and human, are properly covered by the relevant insurance policies.
Mr. Musa urged the government to also provide an environment conducive to the prosperity of insurance companies.
