New Telegraph

February 25, 2024

#EndSARS protests: Underwriters to pay N4.5bn claims

Some of the arrested #EndSARS protesters at Lekki Toll Plaza, Lagos...Saturday. PHOTOS: SULEIMAN HUSAINI

Some of the arrested #EndSARS protesters at Lekki Toll Plaza, Lagos…Saturday. PHOTOS: SULEIMAN HUSAINI

The Nigerian Insurers Association, NIA, said that all genuine claims arising from the #EndSARS protest would be paid. The operators are expected to pay about N4.5 billion as claims benefits to over 2000 businesses that were affected during the protest. Chairman of NIA, Mr. Ganiu Musa, who disclosed this at an interactive session with insurance journalists, noted that operators were still collating claims, stressing that every genuine claim would be settled. Musa said: “The number of insured businesses that were affected at the last count was about 2000 insured loss and the industry has settled over N4 billion claims in respect of the #EndSARS protests. Once they are documented and completed, we have the commitment of our members that claims would be paid timely.

“The association is on top of developments on the aftermath of the protests and will continue to encourage members to pay all genuine claims in line with the extant policies.” On the Consolidated Insurance Bill 2020, Musa said: “NIA welcomes the review as it will align the Act with global best practice and promote the business of insurance in the country.” According to him, the current insurance legislation is outdated and has made it impossible to do things that need to be done. On the African Insurance Organisation Conference, AIO 2021, Musa said: “Originally planned for year 2020, COVID-19 was a force majeure due to health protocols and travel restrictions.

With availability of vaccines, reduction in infection rate coupled with relaxation of travel restrictions and other protocols around the Coronavirus disease, the AIO Executive Committee and the NIA have agreed to hold it from September 4 to 8, 2021. A hybrid conference has been agreed and we solicit your support in hosting the best conference ever.” Speaking on the Nigerian Insurance Industry Database /Nigerian Insurance Industry Portal (NIID/NIIP), Musa said: “The Nigerian Insurance Industry Database was established to reduce soft market practices and eliminate fake insurance policies.

“The association has taken a step further by creating the Nigerian insurance industry platform to enable vehicle owners purchase their third-party motor vehicle insurance cover from the comfort of their homes and telephones. So far, we are seeing a lot of traction on the platform across the states of the Federation and we are hopeful that other states will key into the project before the end of the year.” On the Marine module, he said: “As you are probably aware, the Central Bank of Nigeria has since integrated the NIA Marine Module into the national trade portal and all insurance certificates required for import and export are generated from the portal. This, no doubt, signals the end of fake marine insurance certificates at the ports.”

On the initiatives on Compulsory Insurance, he said: “We have commenced discussions with Lagos State Building Control Agency as part of engagements on the implementation of Lagos State Building law. “We are also working closely with the state vehicle inspection service on enforcement of Third Party Motor Insurance in the state. “We are also 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 at Apr 26, 2021.”

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