The National Insurance Commission (NAICOM) has not only sympathised with the victims of the recent and subsisting flood disaster across the country but also calmed the insured victims that their insurers have their backs. Besides, they can count on the Commission to get their claims paid.
The Commission in a terse statement underscored their commitment to those who “insured against such misfortunes of the Commission’s commitment towards ensuring prompt settlement of their claims by insurance companies.”
This is the second time NAICOM is assuring insured victims and companies of the insurance industry capability to meet its claims obligations and it was followed through. That was in the aftermath of the destruction of properties of state, companies and individuals in October, 2020 #EndSARS protests.
In a country where insurance uptake is low, it is expected that the uninsured risks would be exceedingly high leaving the victims to fall back on already stretched personal finance to fall back on and for many non existent.
The level of damage might not be estimated correctly now until the water recedes. Insurers would be expecting business interruption claims will spike for companies that their firms have been submerged by high flood levels in the Niger Delta.