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The Nigerian Insurance Association says insurance companies have already paid N9 billion in claims following destructions recorded during last year’s #EndSARS protests in Nigeria, a figure which could rise to N20 billion.
This was disclosed by the Chairman of the Nigeria Insurance Association (NIA), Mr Ganiyu Musa in an interview with the News Agency of Nigeria on Wednesday.
The NIA revealed that companies settled claims on 718 cases of vandalism, 93 cases of looting, 113 cases of theft, and 136 cases of loss of cash. Also, 99 claims were settled on malicious damage; eight on business interruptions, 455 on burglary and 912 cases were settled on fire and burnt sites in the aftermath of the #EndSARS protest.
Insurance companies have paid more than N9 billion so far as at the last count, but this is certainly not all as we still have quite a lot of claims that are going through processes of documentation.
“These claims are yet to be settled because the claimants have not provided sufficient documentation to support their claims,” Musa said.
He forecasted that by the time claimants submit all the necessary documentation, the industry would be settling claims of about N20 billion. He added that the estimated economic loss to the protest aftermath was more than N200 billion but not all the losses were insured.
“Nobody ever thought that something like the #EndSARS protest would happen and resulting in so much economic damage.
“The losses were unexpected, but that is the reason why insurance exists.
“Those who had valid insurance cover on their property will now understand the value of insurance as an instrument to restore you in case the unexpected happens,” Musa stressed.
According to him, if all the lives and properties damaged were insured, the insurance companies would have been able to pay all the claims.
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