Claims arising from EndSARS protests in October 2020 that were covered by strikes, riots and civil commotion have reached a record mark of N4.5bn and still counting.
The latest figures were disclosed by the chairman, Nigerian Insurers Association NIA, and managing director, Cornerstone Insurance Plc, Ganiyu Musa,(pictured) in Lagos today at a media parley billed to stream the activities of association.
Musa said member companies of the association have processed claims in excess of 2000. He said the insurers are constrained to limit cover to the extent granted by the policy provisions and this policy details guided claims processes. The outcome of this he inferred, would also impress on policy holders to purchase these extensions to standard fire and motor insurance policies.
He explains the ongoing claims processes, “the number of insured businesses that were affected at the last count was about 2000 insured losses and the industry have settled over N4bn claims in respect of the EndSARS protests. Once they are documented and completed, we have the commitment of our members that will be paid timely.” He said insurers have obligation to fill holes left by the trail of destruction on the covered risks.
The NIA point man also spoke on the private members bill, Insurance Bill 2020, now in the technical committee stage in the House of Representatives and profusely welcomed it saying the bill “will align with global best practice and promote the business of insurance in the country.”
He also said the NIA was elated that Nigeria would after several postponements due to the pandemic, host African Insurance Organisation Conference, AIO 2021 in Lagos; this has not come without some apprehension as a hybrid conference has been scheduled to hold between September 4-8.
On the Nigerian Insurance Industry Database/Nigerian Insurance Industry Portal NIID/NIIP, he said the NIID was established to reduce soft market practices and eliminate fake insurance policies. He explained that the platform enables vehicle owners purchase their third-party motor vehicle insurance policy from the comfort of their homes and devices. He gives a nod: “So far we are seeing a lot of traction on the platform across the states of the federation and we are hopeful that other states will key into the project before the end of the year.”
Just as the motor local policy bumps are being straightened same is about to happen to the Ecowas Brown Card Scheme. Spinning from the outcome of the 37th ordinary session in January this year is the domestication of compulsory brown card in the country. “We are hopeful that when all the fine details have been sorted, it will be implemented in Nigeria.”
He also bared his mind on the compulsory insurances which is now the focal point of both the regulator, National Insurance Commission NAICOM and the NIA. On their part, the NIA is holding talks with Lagos State Building Control Agency on the implementation of Lagos state building law. Another level of discussion is ongoing with the state vehicle inspection service on the enforcement of third-party motor insurance. He tells the state of engagements across the states. “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.”
Musa closed the parley content that hope of moving into the NIA House on Victoria Island, Lagos is on course and this will be achieved when the Association takes possession of the property at the beginning of the fourth quarter. He said delay and several shifts in completion was due to the pandemic and restrictions on the construction industry on the number of workers permitted to be on site.
