Chairman of Nigerian Insurers Association, NIA, Mr Ganiyu Musa, has disclosed that insurance companies may pay claims worth billions of naira from losses of lives and properties that followed the #EndSARS protests.
Musa, who is also the Group Managing Director of Cornerstone Insurance Plc said, “We expect the insured loss to run into billions of naira.
“As we speak, loss adjusters are already on sites and trying to come up with estimates of some of the facilities with the level of claims.
“And most of our members are already receiving claims notification.”
The peaceful protests against police brutality and the the Special Anti-Robbery Squad, SARS, which started in different parts of the country later turned violent, leading to loss of lives and properties.
Noting that all economic losses in the country were not insured, Musa said those that were insured should expect quick settlement of their claims as the industry was ready to cushion the effects of the current hardship from the losses.
He said, “For us as insurers, this is the essence of our business.
“The reason people buy insurance is to have peace of mind and relief in case any of the covered perils happens.
“This is not just an issue of damage to properties or loss of goods, but because it involves loss of lives, of course, our first consideration will have to be for the families that are mourning the loss of loved ones.
“Those properties can be replaced. In the case of losses from the looting, vandalism and the rest, our message is if you have a valid insurance policy and the events are covered, you don’t have anything to worry about; our members as the Nigerian Insurers Association will honour their obligations.”
He therefore urged those who had insurance policies to contact their insurance companies or brokers and commence the process to get indemnity based on the position of the contracts, adding, “The magnitude of what we are hearing and seeing is quite huge, but as an industry, we are up to the task.”
He said some claimants had already notified their insurance companies that they suffered, and urged people to get insurance covers as it offered huge benefits to them.
In a related development, former Wapic Insurance POlc, now Coronation Insurance Plc, has urged the public on the need to have confidence in the underwriter to settle insurance claims from #EndSARS protests.
In a statement on Monday titled: ‘Coronation insurance is here for you,’ the underwriter said, “At this time, Coronation Insurance would like to reassure our clients and the general public that following the recent monumental loss of human lives and damage to property and assets across the nation, we have shifted to our highest gear to get our customers the most appropriate help as quickly as possible at this time of need.
“We believe that insurance companies must ensure their clients do not have to wait for assistance after a disaster occurs by proactively collating information of damage and losses as well as responding to claims with speed and precision.
“We are well aware that our customers are dealing with numerous difficulties at this time and the last thing they want is a painful and challenging claims process.”
“We want our customers to return to their normal way of life as soon as possible and have put in place a claims response platform for real-time communication and easy sharing of loss evidence to fast-track claims processing.”
The firm said its emergency payment methods would assist to relieve immediate spending pressures and help the insured get back on their feet within the quickest period of time.
It expressed sadness at the recent tragic events, saying that it supported the right to non-violent protests, but deplored the unnecessary loss of human lives.
The firm called for peaceful reconciliation, true patriotism and unity for all Nigerians.