The Nigerian Insurers Association (NIA) has said that insurance companies in the country paid N4 billion as claims arising from over 2,000 businesses affected by the #EndSARS protests.
The Chairman, NIA, Ganiyu Musa, disclosed at an interactive session with journalists in Lagos that operators are still collating claims and that every genuine claim would be settled.
“The number of insured businesses that were affected at the last count was about 2,000 insured losses and the industry has settled N4 billion claims out of N4.5 billion in respect of the #EndSARS protests.
“Once they are documented and completed, we commit our members that the claims will be paid timely,” he said.
He stressed the association was on top of the development and would continue to encourage its members to pay all genuine claims in line with the policies.
On the review of the Consolidated Insurance Act 2020, he expressed satisfaction that it would align the industry with the global best practices and promote insurance business in the country. Musa noted that the current insurance legislation was outdated, thereby making it impossible to operate efficiently.
He disclosed that the association had commenced discussions with the Lagos State Building Control Agency as part of engagements on the implementation of the 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,” he said.