The Nigerian Insurers Association (NIA) has urged policyholders in the country, whose facilities were damaged during the #EndSARS protest to contact their insurance companies or brokers for the claims process.
The Chairman of the association, Ganiyu Musa, who spoke in an interview, said that insurance loss adjusters are already on site of properties destroyed to come up with estimates of claims insurance companies are expected to pay.
Musa, who is also the Group Managing Director, Cornerstone Insurance Plc, maintained that underwriting companies may pay claims worth billions of naira for human and material losses.
According to him, many of the insurance companies are receiving claim notification following the protests, which started in different parts of the country peacefully but later hijacked by hoodlums, leading to loss of lives and properties.
While noting that all economic losses in the country were not insured, Musa said those that were insured should expect quick settlement of their claims, as the industry is ready to cushion the effects of the losses.
He said: “For us as insurers, this is the essence of our business. The reason people buy insurance is to have peace of mind and relief in case any of the covered perils happens.
“This is not just an issue of damage to properties or loss of goods, but also involves loss of lives. Of course, our first consideration would have to be for the families that are mourning the loss of loved ones.
Some claimants have already notified their insurance companies that they suffered and urged people to get insurance covers to protect themselves against risks.
Meanwhile, Aiico Insurance Plc has shown readiness to meet its obligations to policyholders who suffered losses as a result of the protests.
Managing Director/Chief Executive Officer of the firm, Babatunde Fajemirokun, stated that the riots have had a tremendous effect on individuals and businesses, both small and large.
Leadway Assurance had earlier sent a mail to its customers and stakeholders, expressing its readiness to settle genuine claims arising from the protests.