Mr. Ganiyu Musa, Chairman NIA
BY NKECHI NAECHE-ESEZOBOR–The Nigerian Insurers Association (NIA) on Tuesday said the industry paid in excess of N220billion as claims to policyholders in 2020.
The Chairman of the Association and Group Managing Director of Cornerstone Insurance Plc, Mr. Ganiyu Musa, disclosed this at media briefing to highlight the industry achievements in 2021 and expectation in 2022 that industry also generated a total of N508billion in 2020.
On #Endsars he said the Industry paid over N11billion in claims to customers who suffered losses during the public protests against police brutality in October last year.
He revealed that the claims payment is still counting because there are still unsettled pending claims, adding that the industry claims payment might get to the tune of N20bilion.
According to the report released recently, the insurance companies settled claims on 718 cases of vandalisation; 93 cases of looting; 113 cases of theft; and 136 cases of loss of cash.
Further findings revealed that 99 claims were settled on malicious damage; eight on business interruptions; 455 on burglary attacks; and 912 on fire and burnt sites.
