#EndSARS: Insurance Companies Pay N4bn Claims – NIA

Hamilton Nwosa
Writer
UN Urges Nigeria To Implement EndSARS Panel’s Recommendations

Ad

[FULL LIST] University of Ibadan Reclaims Crown as Nigeria’s Best Institution for 2026

By Abiola Olawale The University of Ibadan (UI) has surged back to the pinnacle of Nigerian higher education, clinching the title of the nation's top university in the Times Higher Education (THE) World University Rankings 2026. The development marks a return for UI, which dropped to fourth place in the previous year's assessment but now…

Experts React as FG, World Bank Clash Over Nigeria’s Poverty Figures

By Obinna Uballa A new poverty report by the World Bank has sparked a wave of controversy in Nigeria, with the Federal Government dismissing it as “unrealistic” and experts insisting that the figures, however grim, reflect the lived experiences of millions of citizens. The World Bank’s Nigeria Development Update released this week estimates that 139…

Israel, Hamas Greenlight First Phase of Trump’s Peace Plan

By Abiola Olawale Israel and Hamas have inked their approval on the inaugural phase of the United States President Donald Trump's Gaza peace initiative. The agreement, announced on Wednesday amid high-stakes indirect talks in Egypt, paves the way for an immediate ceasefire, the release of hostages, and a surge in humanitarian aid. This development is…

Ad

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. (NAN)

Ad

Unlocking Opportunities in the Gulf of Guinea during UNGA80
X whatsapp