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#EndSARS protests’ claims may reach N20 billion, says NIA

By Bankole Orimisan
14 February 2022   |   1:58 am
The Nigerian Insurers Association (NIA) has said that insurance claims from #EndSARS protests might increase to N20 billion. He said paid claims have crossed N11 billion already.

Ganiyu Musa. PHOTO: Innovation Village

The Nigerian Insurers Association (NIA) has said that insurance claims from #EndSARS protests might increase to N20 billion. He said paid claims have crossed N11 billion already.

The NIA’s chairman, Ganiyu Musa, who spoke at a press briefing, organised by the association in Lagos, said underwriting firms had settled claims on 718 vandalisation cases, 93 cases relating to looting, 113 theft cases and 136 cases of loss of cash.

Also, 99 claims were settled on malicious damages, eight on business interruptions, 455 on burglary attacks and 912 on fire incidents.

Musa maintained that the industry paid a total of N224 billion in the 2021 financial year while gross premium written (GPW) stood at about N508 billion.

He said the association would continue to accentuate the need for insurance companies to pay all genuine claims and that it would not hesitate to sanction erring member companies as the sector aspires to deepen penetration this year.

“The claims payment is still counting because there are still unsettled pending claims. In 2021, GPW stood at about N508 billion while claims paid by member companies amounted to about N224 billion, which is 44 per cent of the total industry premium,” he said.

Musa stated that the industry is optimistic that the Consolidated Insurance Bill 2020 would be passed into law soon, adding: “The Consolidated Insurance Bill 2020 is still receiving legislative attention at the National Assembly and the association is on top of the development.

“We are optimistic that the bill will be passed into law soon. We are happy to note that the Finance Act 2021 has been signed into law and this has resolved a major issue with regards to the definition of the components of minimum capital. The Association is engaging the National Insurance Commission (NAICOM) to determine the next steps.”