May 7, 2021
20 Views
#EndSARS protest
*FILE: The #EndSARS protesters at a location in Lekki, Lagos State.

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

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

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

He said 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 have 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 said.

Musa said 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 as well promote insurance business in the country.

Musa noted that the current insurance legislation was outdated, thereby making it impossible to do things that need to be done.

He disclosed that the association had commenced discussions with the Lagos State Building Control Agency as part of engagements on the implementation of 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.

(NAN)

You may be interested

Women and growing immiseration in Nigeria
Entertainment
Entertainment

Women and growing immiseration in Nigeria

admin - June 23, 2021

IN 2011, the world celebrated the award of the Nobel Peace Prize to President Ellen Johnson Sirleaf and Leyman Roberts…

Tackling hunger amidst food loss, waste
Entertainment
Entertainment

Tackling hunger amidst food loss, waste

admin - June 23, 2021

Undoubtedly, the demand for more food consumption is the case globally, mainly due to the increasing population year on year.…

Buhari should talk more to Nigerians
Entertainment
Entertainment

Buhari should talk more to Nigerians

admin - June 23, 2021

The recent interview granted to Arise TV by President Muhammadu Buhari has continued to attract mixed reactions across the country.…

Leave a Comment