Insurance

Insurers cut cost to meet multi-billion naira #EndSARS protest claims

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Chuks Udo Okonta

Determined to meet the huge claims arising from the #EndSARS protest, many insurance firms had to prone their end-of-the-year expenses.

Investigations by Inspenonline revealed that most of the firms had to forego the end-of-the-year gifts usually offered to clients for their patronage.

Inspenonline gathered that a firm which in the past had end-of-the-year budget of about N100 million, reduced its expense to below N10 million.

The firm, is said to be preparing to pay claims worth over N1 billion.

Another firm had to set claims settlements above all other expenses and turned down most cost associated with end-of-the-year appreciations to clients.

According to the Director-General, Nigerian Insurers Association (NIA) Mrs. Yetunde Ilori, the association was already collating the claims from the losses incurred during the protest.

She noted that as at last weekend, 14 insurance companies have reported their claims experiences to the association, stressing that the total loss that people have lodged through the companies was N9.7 billion.

“About 1,036 claims have been lodged across the country with most of them coming from Lagos which is 667.

“About N7bn reserves was prepared by the 14 insurance companies to settle the claims,” she said.

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