#EnSars: Insurers Pay N4bn Claims to Hoodlums’Attack Victims
Insurance operators, said they have so far paid N4 billion claims to over 2,000 businesses that were affected by the activities of hoodlums during the #EndSARS protest.
The chairman of Nigerian Insurers Association (NIA), Mr. Ganiyu Musa, who disclosed this recently in Lagos, noted that operators are still collating claims.
According to him, every genuine claim would be settled.
He added that the association has secured the commitment of its members that all documented claims would be paid.
“The association is on top of developments on the aftermath of the protests and will continue to encourage members to pay all genuine claims in line with the extant policies,” he added.
The NIA Chairman, who also spoke on other issues in the insurance sector said the association was happy with the Consolidated Insurance Bill, saying the prevailing insurance legislation was outdated and has made it difficult for the industry to take necessary actions in crucial matters.
“NIA welcomes the review as it will align the Act with global best practice and promote the business of insurance in the country,” he added.
On the African Insurance Organisation Conference, (AIO 2021), to be hosted by Nigeria in September this year, Musa said the annual conference was originally planned to be hosted by Nigeria in 2020, but the COVID-19 was a force that stopped it due to health protocols and travel restrictions.
He however said with availability of vaccines, reduction in infection rate coupled with relaxation of travel restrictions and other protocols around the coronavirus disease, the AIO Executive Committee and the NIA have agreed to hold it from September 4th to 8th, 2021.
“A hybrid conference has been agreed and we solicit your support in hosting the best conference ever,” he added.
He also spoke on the Nigerian Insurance Industry Database /Nigerian Insurance Industry Portal (NIID/NIIP), saying the Nigerian Insurance Industry database was established to reduce soft market practices and eliminate fake insurance policies.
According to him, the NIA has taken a step further by creating the Nigerian Insurance Industry platform to enable vehicle owners purchase their third-party motor vehicle insurance cover from the comfort of their homes and telephones.