Insurance firms in Nigeria are readying for potential claims, following the widespread looting and destruction of properties, vehicles, and other assets across the country on 21 October.
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, reported Nairametrics.
While most insurance contracts exclude damage to property from war, riots, or other forms of force majeure, it is likely that some will pay for the risks.
The insurance sector is currently reeling from the effect of the COVID-19 pandemic, with the sector posting a contraction of 29.53% in the second quarter, according to the National Bureau of Statistics (NBS).
Source: MEIR
