#EndSARS: Insurance companies pay N4bn claims – NIA

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By Rukayat Adeyemi

LAGOS – Nigerian Insurers Association (NIA) said insurance companies paid N4 billion as claims arising from 2,000 affected by #EndSARS protests.

Mr Ganiyu Musa, Chairman, NIA, disclosed this at a news conference Lagos on Thursday.

Musa also assured customers that all genuine claims emanating from protests would be paid.

He said insurance operators were still collating claims stressing that every genuine claim would be settled.

“The insured that were affected at the last count about 2,000 insured loss and the industry have settled N4 billion claims out N4.5 billion respect 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 on top of the developments and would continue encourage its members pay all genuine claims 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Musa noted that the current insurance legislation outdated, thereby making it impossible do things that needs be done .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 .

“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 only about 2,939,767 Third Party Motor policies are in force as at April 26, 2021,” he said. (NAN)