#EndSARS mayhem cost insurance firms N4 billion - NIA

The Nigerian Insurers Association (NIA) said insurance companies paid N4 billion as claims arising from over 2,000 businesses affected by the mayhem that followed the #EndSARS protests.

Ganiyu Musa, Chairman of the NIA, disclosed this at a news conference in Lagos on Thursday.

Mr Musa also assured customers that all genuine claims emanating from the protests would be paid.

He stated insurance operators were still collating claims stressing that every genuine claim would be settled.

“The number of insured businesses that were affected at the last count was about 2,000 insured loss, and the industry has settled N4 billion claims out of N4.5 billion in respect of the #EndSARS protests.

“Once they are documented and completed, we have the commitment of our members that the claims will be paid timely,” he explained.

Mr Musa added that the association was on top of the developments and would continue to encourage its members to pay all genuine claims in line with the expanded policies.

On the review of the Consolicited Insurance Act 2020, he expressed satisfaction that it would align the industry with the global best practices and promote insurance business in the country.

Mr Musa further noted that the current insurance legislation was outdated, making it impossible to do the needful.

He disclosed that the association had commenced discussions with the Lagos State Building Control Agency as part of engagements on implementing the Lagos State Building law in line with the compulsory insurance initiative.

“We are also working closely with the state Vehicle Inspection Service on enforcement of Third Party Motor Insurance in the state.

“We are engaging Kaduna, Kogi and Ogun states and remain hopeful that other states will see value in the platform and embrace it. Out of the estimated 13 million vehicles in Nigeria, only about 2,939,767 Third Party Motor policies are in force as of April 26, 2021,” he said.

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