Insurance claims resulting from destruction during the #EndSARS protests have risen to N9 billion, LEADERSHIP has learnt.
The industry, as at first quarter of this year (2021) paid N4 billion, and an additional N5 billion between then and now.
The N9billion claims, findings showed, was paid to policyholders who suffered losses from the lootings and destructions that marred the #EndSARS protests in October 2020.
Data sourced from the Nigerian Insurers Association (NIA) yesterday showed that three death claims were paid while claims were paid on property losses.
Similarly, underwriting firms paid 718 claims on vandalisation; 93 cases on looting; 113 claims on theft; and 136 compensation on loss of cash.
A further breakdown showed that 99 claims were settled on malicious damage; eight claims on business interruption; 455 claims on burglary attack and 912 claims on fire and burnt site.
Speaking on the development, the director general, NIA, Mrs Yetunde Ilori, said: “What started as a protest about the state anti-robbery police unit later snowballed into a crisis of unprecedented dimension with resultant loss of lives and properties. We commiserate and sympathise with those who lost their loved ones during the crisis as well as those whose businesses suffered one form of loss or the other.”
Following huge losses suffered by businesses in the aftermath of the #EndSARS violence, she said that the insurance industry, in line with its role of providing financial intermediation and restoring businesses, quickly moved in to provide the necessary cushion for those that have insurance cover and others who suffered losses in their businesses.
While assuring Nigerians that the insurance industry will continue to live up to its mandate of supporting businesses by paying all genuine claims promptly, she called on individuals and corporate entities to imbibe the culture of insuring their lives and property as insurance exists to cushion the harsh effects of unforeseen circumstances and situations.
During the protests, most government offices, banks, shopping malls, media houses, toll plazas and private offices were set on fire by suspected hoodlums after soldiers reportedly shot in the air to disperse protesters on the night of 30 October.
Estimated cost of destruction has been put above N1 trillion.
While most insurance contracts excluded damage to property from war, riots, or other forms of force majeure, LEADERSHIP had earlier confirmed that underwriters may pay for some of these risks, depending on discretion.
Claims were paid to some victims of the #EndSARS protest who had previously insured their shops, offices and properties against strike, riot and civil commotion, among others.