Insurance companies will eventually pay about N20 billion in compensations for losses recorded during the October 2020 #EndSARS protest.
Speaking with the News Agency of Nigeria (NAN) in Lagos on Wednesday, the Chairman of the Nigeria Insurance Association (NIA), Mr Ganiyu Musa, said the companies had paid claims totalling N9bn already.
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Mr Musa who is the managing director of one of the insurance companies said the estimated economic loss to the protest was more than N200bn, but that not all the property were insured.
NIA said in a report issued on Monday that the insurance companies settled claims on 718 cases of vandalism, 93 on looting, 113 on theft and 136 on cash.
The report also indicated that 99 claims were settled on malicious damage; eight on business interruption; 455 on burglary and 912 on fire and burnt sites.
Mr Musa said: “Insurance companies have paid more than N9bn so far as at the last count, but this is certainly not all as we still have quite a lot of claims that are going through processes of documentation.”
He further stated that all insurance companies in the NIA had risen to the challenge to settle all valid claims and assured that all outstanding valid claims of the #EndSARS protest would be paid.
The NIA chairman noted that the #EndSARS incident was an eye-opener to all Nigerians that bad things happened to good people and the unexpected happened once in a while; hence the need for insurance.