Insurance World

#EndSARS Protest: Policyholders Gets N9billion Claims Settlement

BY NKECHI NAECHE-ESEZOBOR–Today marks one year after soldiers brutally shot at peaceful protesters at Lekki Tollgate in Lagos in a desperate bid to quell the #EndSARS protest.

The protests, which set several Nigerian cities on edge, with property worth billions of naira either razed down or vandalised, also left insurance companies with lots of claims to pay.
According the Nigerian Insurers Association (NIA) a total of N9billion have so far been paid as claims to different policyholders that suffered losses from the lootings and destructions that marred the #EndSARS protests in the country in October 2020.

The report release by the umbrella body titled: “claims paid one year after the protest”, added that three death claims were paid while claims were paid on other property losses.

The breakdown shows that the insurance companies settled 718 claims on vandalization; 93 cases on looting; 113 on theft; and 136 on loss of cash.

NIA also disclosed 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.

The Director-General, NIA, Mrs Yetunde Ilori, said, it is just one year after the violence that erupted during the #ENDSARS protests in Lagos and across other major cities and state capitals in Nigeria.

“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 sympathize 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, 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 to their businesses.”

She assured Nigerians that the Nigerian Insurance Industry will continue to live up to its mandate of supporting businesses by paying all genuine claims promptly and 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.

It would be recalled that the he #Endsars protest was ignited after hoodlums joined the fray in the wake of the shooting at the Lekki Tollgate, saw many private and public buildings and businesses being either partially or completely razed down.

According to report six soldiers and 37 policemen were killed all over the country during the crisis. Also, 196 policemen were injured; 64 police vehicles were destroyed and 134 police stations burnt down.

In addition, the violence left 57 civilians dead, 269 private/corporate facilities burnt/looted/vandalized, 243 government facilities burnt/vandalized and 81 government warehouses looted.

Some of the several structure/shopping malls and business outfits/departmental stores burnt in some cities, especially in Lagos included Lekki Shoprite Mall, Circle Mall, Surulere Shoprite Mall, Montaigne Mall, Lagos City Mall, and Lagos High Court building.

Others are a structure housing the Nigerian Ports Authority (NPA), local councils offices, public transportation buses (Bus Rapid Transit (BRT) residents of political figures, including past and serving senators and House of Representatives members, one of Nigeria’s oldest state-owned newspapers – The Nigerian Chronicle belonging to the Cross River State government, and the state secretariat of the National Youth Service Corps (NYSC) among others.

BY NKECHI NAECHE-ESEZOBOR–Today marks one year after soldiers brutally shot at peaceful protesters at Lekki Tollgate in Lagos in a desperate bid to quell the #EndSARS protest.

The protests, which set several Nigerian cities on edge, with property worth billions of naira either razed down or vandalised, also left insurance companies with lots of claims to pay.
According the Nigerian Insurers Association (NIA) a total of N9billion have so far been paid as claims to different policyholders that suffered losses from the lootings and destructions that marred the #EndSARS protests in the country in October 2020.

The report release by the umbrella body titled: “claims paid one year after the protest”, added that three death claims were paid while claims were paid on other property losses.

The breakdown shows that the insurance companies settled 718 claims on vandalization; 93 cases on looting; 113 on theft; and 136 on loss of cash.

NIA also disclosed 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.

The Director-General, NIA, Mrs Yetunde Ilori, said, it is just one year after the violence that erupted during the #ENDSARS protests in Lagos and across other major cities and state capitals in Nigeria.

“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 sympathize 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, 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 to their businesses.”

She assured Nigerians that the Nigerian Insurance Industry will continue to live up to its mandate of supporting businesses by paying all genuine claims promptly and 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.

It would be recalled that the he #Endsars protest was ignited after hoodlums joined the fray in the wake of the shooting at the Lekki Tollgate, saw many private and public buildings and businesses being either partially or completely razed down.

According to report six soldiers and 37 policemen were killed all over the country during the crisis. Also, 196 policemen were injured; 64 police vehicles were destroyed and 134 police stations burnt down.

In addition, the violence left 57 civilians dead, 269 private/corporate facilities burnt/looted/vandalized, 243 government facilities burnt/vandalized and 81 government warehouses looted.

Some of the several structure/shopping malls and business outfits/departmental stores burnt in some cities, especially in Lagos included Lekki Shoprite Mall, Circle Mall, Surulere Shoprite Mall, Montaigne Mall, Lagos City Mall, and Lagos High Court building.

Others are a structure housing the Nigerian Ports Authority (NPA), local councils offices, public transportation buses (Bus Rapid Transit (BRT) residents of political figures, including past and serving senators and House of Representatives members, one of Nigeria’s oldest state-owned newspapers – The Nigerian Chronicle belonging to the Cross River State government, and the state secretariat of the National Youth Service Corps (NYSC) among others.

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