The chairman, Nigerian Insurers Association, NIA Mr Ganiyu Musa, says claims payment the volume notwithstanding, is the raison d’etre for insurance business and insurance companies are held responsible for dithering or inactive to claims obligations to clients. This revolving signpost in insurance business played out in the over N11bn claims to #EndSARS claimants and also the N224bn paid as claims in 2020.
Musa who put emphasis on claims payment as the hallmark of insurance acceptance of risks said the good taste of insurance is the claims pay cheque to insureds reiterating that just as the proof of the pudding is in the eating, likewise the true taste of insurance is claims paid. On account of this, Musa voices his support of the insurance call to duty, “I am happy to report that insurance companies have paid over N11bn claims to insureds that suffered losses from the #EndSARS riots in 2020.
“The association will continue to emphasise the need for insurance companies to pay all genuine insurance claims and will not hesitate to sanction erring member companies” he stated.
Musa says discussion are on-going on the N20bn claims submitted by those who suffered losses with the loss adjusters and brokers and the end is not in sight as to what insurers liability would be. Claims estimates are looking up to the N20bn mark.
The insurers helmsman and GMD/CEO Cornerstone Insurance Plc, also disclosed that in 2020, the industry gross premium written was about N508bn, while the claims paid by member companies about N224bn which 44% of the total industry premium.
