The insurance industry has paid over N11 billion claims to insured individuals and organisations that suffered losses from the #EndSARS civil unrest in 2020.
Disclosing this yesterday at a media briefing in Lagos, Chairman of Nigerian Insurers Association, NIA, Mr. Ganiyu Musa, noted that the industry claims payment on #EndSARS might get up to N20 billion eventually.
Meanwhile, further on insurance claims, a report released by NIA, insurance companies settled claims on 718 cases of vandalisation; 93 cases of looting; 113 cases of theft; and 136 cases of loss of cash.
Also 99 claims were settled on malicious damage; eight on business interruptions; 455 on burglary attacks; and 912 on fire and burnt sites.
Musa also noted that the industry claims paid by member companies in 2021 financial year amounted to about N224 billion while Gross Premium Written stood at about N508 billion.
He stated further: “The Association will continue to emphasize the need for insurance companies to pay all genuine insurance claims and will not hesitate to sanction erring member companies.
“The claims payment is still counting because there are still unsettled pending claims, as such the industry claims payment might get to the tune of N20bilion.
“During the last year, the Gross Premium Written stood at about N508 billion while claims paid by member companies amounted to about N224 billion which is 44 per cent of the total industry premium.”
Musa stated that the industry is optimistic that the Consolidated Insurance Bill 2020 will be passed into law soon, adding; “The Consolidated Insurance Bill 2020 is still receiving legislative attention in the National Assembly and the Association is on top of developments on it.
“We are optimistic that the Bill will be passed into law before long. We are happy to note that the Finance Act 2021 has been signed into law and this has resolved a major issue with regards to the definition of the components of minimum capital.
“The Association is engaging the National Insurance Commission with a view to determining the next steps.”
On building insurance, Musa said: “The Association is in discussion with Lagos State Building Control Agency, LASBCA, with a view to using the Nigerian Insurance Industry Database (NIID) verification platform for enforcement, verification, and validation of genuine compulsory Buildings Under Construction Insurances made mandatory by Law through Insurance Act 2003 , and Lagos State Urban and Regional Planning and Development (Amendment) Law 2019 (Lagos State Urban and Regional Planning and Development Law, CAP U2 Lagos State Building Control Agency Regulations, 2019).”
Vanguard
