Nigerian underwriters say they are ready to pay all genuine claims that may arise from destruction of properties during the EndSARS protest.
The Managing Director/CEO, NICON Insurance Ltd, Mr. Muhammadu Hussaini, told our correspondent exclusively that NICON Insurance and indeed the entire insurance industry has capability to pay the claims that may arise from the destruction of properties nationwide.
“There will be a large volume of claims which the insurance industry would have to pay. I have no doubt about the capacity of the insurance industry to meet their obligations on claims that may arise from the destruction across the country.
“However, two issues would arise. Because the context the claims are huge and would come in at the same time, there will be no spread. Thus, this will impact the finances of the underwriters, and it may destabilize their finances,” he said.
The NICON CEO however noted that there is a way the insurance companies can get a refund from the government exploring constitutional provisions.
The insurance companies have a Subrogation right – the right to recover from the government their funds after they pay the claims arising from the destruction. I will advise the insurance companies to pay their claims but seek refund on the basis of Section 14 (2b) of the Constitution, he explained.
