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 expand 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current insurance legislation was outdated, thereby making it impossible to do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 needs 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 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 at
April 26, 2021,” he said.
No comments:
Post a Comment