Thursday , October 21 2021
EndSARS: 25 Insurance Companies to Pay N20.4bn Claims

EndSARS: 25 Insurance Companies to Pay N20.4bn Claims



Twenty-five insurance companies have recorded claims totalling N20.4bn from losses that emanated from the #EndSARS protests which occurred in the country in October, findings have revealed.

Figures obtained from the underwriters on Wednesday under the Nigerian Insurers Association revealed that the companies have set aside a reserve of N13.2bn to settle the claims.

Confirming the figures, the Director-General, NIA, Mrs Yetunde Ilori, said 25 insurance companies were currently involved in the N20.4bn claims payment.

“That is why we are there; we have what it takes and we are going to pay,” she said.

The NIA DG added, “Out of a total of 1,661 claims that we have received, 143 have been fully settled; a total of N105m claims had been paid; 539 claimants are yet to substantiate their claims with the necessary documents; seven claims were repudiated because they were not covered by any of the policies; while 972 claims are going to be settled.”

Earlier report has it that a total of 1,036 individuals and corporates that reported losses during the #EndSARS protests across the country had lodged claims through 14 insurance companies.

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Out of the number, 667 of the claimants were from Lagos. The underwriters estimated claims totalling N9.7bn for these claimants.

It should be recalled that early in October, some youths commenced peaceful protests tagged #EndSARS to demand the disbandment of the Special Anti-Robbery Squad and other reforms in the Nigerian Police Force.

As the protests persisted, it was eventually hijacked by hoodlums that embarked on massive destructions that had never been seen before nationwide.

Some of the assets destroyed or looted included bank buildings; Automated Teller Machines; police stations, the Nigerian Ports Authority in Lagos; the Lekki Toll Gate; VIO and FRSC Offices, Ojodu; BRT Terminals in Oyingbo and Berger; Television Continental, Ketu, Lagos; Recreational Centre, Oregun, Lagos; Oba’s Palace, Lagos; Lagos State Governor’s mother’s house in Surulere, and several shopping malls.

The Chairman, Nigerian Insurers Association, Ganiyu Musa, noted that while all economic losses in the country were not insured, those that were insured would be paid claims.

He said “For us as insurers, this is the essence of our business.

“The reason people buy insurance is to have peace of mind and relief in case any of the covered perils happens.”

He said members of the NIA would honour their obligations to the insured.


About Bukola Olanrewaju

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