#EndSARS: Insurance companies brace up for claims

November 4, 2020
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Insurance companies are bracing up to the challenges ahead regarding claims payment to the insured owners of the vandalized properties during the violence that erupted from the hijacked #EndSARS protests in Lagos and other parts of the country.

Reacting to the challenges, Chairman of the Nigerian Insurers Association and also Group Managing Director of Cornerstone Insurance Plc, Ganiyu Musa, said Insurance Loss Adjusters are already on sites and trying to come up with estimates of some of the facilities damaged during the #EndSARS riot and to also determine the level of claims.

In his capacity as the NIA boss, he emphasized that “Insurance companies may pay claims worth billions of Naira from losses of lives and properties that followed the #EndSARS protests.

“And most of our members are already receiving claims notification. 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.

“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.

“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. Members of the Nigerian Insurers Association will honour their obligations.

In his own opinion, MD/CEO of AIICO Insurance Plc, Babatunde Fajemirokun, said AIICO is doing all that is necessary to see its customers through this phase.

“The Company’s claims profile over the years provides insights into its unwavering commitment to claims settlement and benefits payment. In 2019, over 30 Million was paid out to its customers. This followed N29.1bn paid in 2018 and N23.3bn in 2017.”

For Adeyinka Adekoya, Managing Director/Chief Executive Officer, Coronation Insurance, his company has shifted to its highest gear to get customers the most appropriate help as quickly as possible at this time of need.

“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.

“The Consolidated Hallmark Insurance (CHI) Plc is set to settle insurance claims for policyholders whose policies cover Strike, Riot and Civil Commotion (SRCC) extension,” says Eddie Efekoha, Group Managing Director/CEO of Consolidated Hallmark Insurance.

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