Insurance

Loss Adjusters probe estimates of EndSARS riot, as insurers plan for multi-billion Naira claims payment

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Chuks Udo Okonta

Insurance Loss Adjusters are already on sites and trying to come up with estimates of some of the facilities damaged during the EndSARS riot and to also determine the level of claims, the Chairman, Nigerian Insurers Association (NIA), Ganiyu Musa, has said.

Musa said this in a television interview, adding that insurance companies may pay claims worth billions of Naira from losses of lives and properties that followed #EndSARS protests.

Musa, who is also the group Managing Director, Cornerstone Insurance Plc said, underwriters expect the insured loss to run into billions of Naira.

“As we speak, loss adjusters are already on sites and trying to come up with estimates of some of the facilities with the level of claims.

“And most of our members are already receiving claims notification.”

The protests which started in different parts of the country peacefully later turned violent, 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 was ready to cushion the effects of the current hardship from 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 because it involves loss of lives, of course, our first consideration will have to be for the families that are mourning the loss of loved ones.

“Those properties can be replaced. In the case of losses from the looting, vandalism and the rest, our message is if you have a valid insurance policy and the events are covered, you don’t have anything to worry about; our members as the Nigerian Insurers Association will honour their obligations.”

He urged those who had insurance policies to contact their insurance companies or brokers and commence the process to get indemnity based on the position of the contracts.

“The magnitude of what we are hearing and seeing is quite huge, but as an industry, we are up to the task,” he said.

He said some claimants had already notified their insurance companies that they suffered, and urged people to get insurance covers as it offered huge benefits to them.

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