How insurers settled N9bn #EndSARS claims – Business – The Guardian Nigeria News – Nigeria and World News

Analysts Predict Sustained Rally Amid Third Quarter Results and Dividend Payout

Around 9 billion naira were paid to policyholders who suffered losses from the looting and destruction that marred the #EndSARS protests in October 2020.

Data from the Nigerian Insurers Association (NIA) revealed that three death claims were paid while claims were also paid for loss of property.

Statistics made available to the Guardian explained that the industry in the first quarter of this year (2021) paid N4 billion, and an additional N5 billion by then.

Underwriters settled 718 vandalization claims, 93 looting cases, 113 theft claims and 136 cash loss claims.

Another breakdown showed that 99 claims were settled for malicious damage; eight business interruption claims; 455 claims for burglaries and 912 claims for fires and burnt sites.

NIA Director General Yetunde Ilori said, “What started as a protest against the state anti-theft police unit then snowballed into a crisis of one. unprecedented size with loss of human life and property.

“We sympathize and sympathize with those who lost their loved ones during the crisis as well as those whose businesses suffered some form of loss.”

Following the huge losses suffered by businesses during #EndSARS, she said the insurance industry, in line with its role of providing financial intermediation and catering to businesses, quickly stepped in to provide the necessary cushion. to those who have insurance coverage.

While assuring Nigerians that the insurance industry will continue to live up to its mandate of supporting businesses, she called on individuals and businesses to soak up the culture of insurance.

During the protests, government offices, banks, shopping malls, news houses, toll plazas and private offices were set on fire by suspected thugs who hijacked the exercise.

While most insurance contracts excluded property damage caused by war, riots or other forms of force majeure, experts had previously confirmed that insurers could pay for some of these risks, at their discretion.

Compensation was paid to some victims of the #EndSARS protests who had previously insured their shops, offices and properties against strikes, riots and civil unrest, among others.

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