Insurance companies are bracing up to the challenges ahead regarding claims payment to the insured owners of the vandalized properties during the violence that erupted from the hijacked #EndSARS protests in Lagos and other parts of the country.
In separate interviews, Chief Executive Officers of some insurance companies shared their plans on steps taken so far to ensure their clients/policyholders are adequately compensated.
Ganiyu Musa, Chairman, Nigerian Insurers Association (NIA) and Group Managing Director, Cornerstone Insurance Plc.
“Our 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,” he said
In his capacity as the NIA boss, he emphasized that “Insurance companies may pay claims worth billions of Naira from losses of lives and properties that followed the #EndSARS protests. Underwriters expect the insured loss to run into billions of Naira.
“And most of our members are already receiving claims notification. 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.
“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. Members of the Nigerian Insurers Association will honour their obligations.
“All policyholders need to do is 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.”
Babatunde Fajemirokun, Managing Director/CEO, AIICO Insurance Plc.
“The riots had a tremendous effect on individuals and businesses – both small and large. The losses incurred in terms of human lives and assets are enormous. Our thoughts and prayers are with those who have been affected in one way or another.
“I assure you that as a Company, we are doing all that is necessary to see our customers through this phase. We are asking our customers with covered cases to contact us for immediate assistance with claims.
“The year 2020 and all we have experienced as a nation are tailwinds, propelling us forward and helping us to evolve. Indeed, the injection of new imagination, energy, and innovative thinking into our national discourse will take us there.
“The Company’s claims profile over the years provides insights into its unwavering commitment to claims settlement and benefits payment. In 2019, over N30billion was paid out to its customers. This followed N29.1bn paid in 2018 and N23.3bn in 2017.”
Adeyinka Adekoya, Managing Director/Chief Executive Officer, Coronation Insurance.
“Following the recent monumental loss of human life and damage to property and assets across the nation, we have shifted to our highest gear to get our customers the most appropriate help as quickly as possible at this time of need.
“We believe that insurance companies must ensure their clients do not have to wait for assistance after a disaster occurs, by proactively collating information of damage and losses, as well as, responding to claims with speed and precision.
“We are well aware that our customers are dealing with numerous difficulties at this time and the last thing they want is a painful and challenging claims process.
“Our emergency payment methods will assist to relieve your immediate spending pressures and help them get back on their feet within the quickest period of time.”
Eddie Efekoha, Group Managing Director/CEO, Consolidated Hallmark Insurance.
“The Consolidated Hallmark Insurance (CHI) Plc is set to settle insurance claims for policyholders whose policies cover Strike, Riot and Civil Commotion (SRCC) extension.
“We have sent a mail to all policyholders and stakeholders across the country, noting that, such claims, like all others, would be expeditiously handled to ensure that customers are back in business as quickly as possible.
“May God console the families of citizens who have lost their lives and there are certainly glorious days ahead.
“We are running a ‘Safety First’ campaign on radio and television stations in the country. The campaign is to assure existing customers of reliable cover granted for their valued assets and also enjoining prospective customers to always consider insurance for their assets, health, and also take up microinsurance policies no matter their income level.”
What you need to know
Nairametrics reported one of the most viral tweets from an organization that was badly affected by the looting – supermarket chain, Spar, tweeted a message of hope and optimism despite suffering massive losses from the activities of hoodlums and miscreants.
“Our Lekki store has been vandalized and looted. But, we acknowledge that this is only a setback compared to the larger issues we are all facing as a nation, and our thoughts and prayers remain with Nigerians everywhere, and for a peaceful resolution to various issues at hand.
“Rebuilding a supermarket is hard. Rebuilding a nation is even harder. We stand with you Nigeria. Stay focused. Be the solution,” Spar tweeted.
Lekki Tollgate Shooting: US says security forces shot in the air, no information on fatalities
The U.S Government has said that the Nigerian security forces fired shots into the air to disperse #EndSARS protesters at the Lekki Toll Gate.
The United States Government has said that the Nigerian security forces fired shots into the air to disperse #EndSARS protesters at the Lekki Toll Gate in Lagos on October 20, 2020.
This contradicts allegations from media reports that some eyewitnesses saw soldiers firing live ammunition at the peaceful protesters.
This disclosure is contained in the 2020 Country Reports on Human Rights Practices: Nigeria released by the US Department of State on Tuesday, March 30, 2021.
The report pointed out that there was no accurate information on the number of fatalities from the shootings contrary to Amnesty International’s report that 10 people died during the incident as a result of gunshot wounds.
What the report on Human Rights Practices on Nigeria is saying
The report partly reads, “On Oct. 20, members of the security forces enforced curfew by firing shots into the air to disperse protesters, who had gathered at the Lekki Toll Gate in Lagos to protest abusive practices by the Nigerian Police Force’s Special Anti-Robbery Squad (SARS).
Accurate information on fatalities resulting from the shooting was not available at year’s end.
Amnesty International reported 10 persons died during the event, but the government disputed Amnesty’s report, and no other organisation was able to verify the claim.
The government reported two deaths connected to the event. One body from the toll gate showed signs of blunt force trauma.
A second body from another location in Lagos State had bullet wounds. The government acknowledged that soldiers armed with live ammunition were present at the Lekki Toll Gate.”
What you should know
- It can be recalled that in the aftermath of the alleged shooting of #EndSARS protesters at the Lekki Tollgate, US-based media outfit, Cable News Network (CNN), in its investigate report, aired a video allegedly showing Nigerian soldiers shooting at unarmed protesters at the tollgate, based on video evidence from mobile phones and witnesses.
- The Federal Government in its response insisted that the military did not shoot at the #EndSARS protesters, describing the alleged mass killings as a massacre without bodies.
- Also, President Muhammadu Buhari, while expressing his disgust at the coverage of the incident by foreign media organisations like CNN and BBC, said that their reports on the EndSARS protests were not balanced.
ICPC Chairman reveals #EndSARS protests was financed with cryptocurrency
ICPC Chairman has revealed to the Nigerian Senate that the #EndSARS protest was largely funded with cryptocurrency.
The Chairman of Independent Corrupt Practices and Other Related Commission (ICPC), Bolaji Owasanoye has revealed to the Nigerian Senate that the #EndSARS protest was largely funded with cryptocurrency.
This is as he said there are strong indications that it could be used to fund Insurgency in the country.
According to a report from Vanguard, this disclosure was made by the ICPC Chairman, during an interactive session with Senate Joint Committee on Banking, ICT, Cybercrime and Capital Market led by Senator Uba Sani on Tuesday, February 23, 2021.
The Joint committee was mandated to look at the decision of the Central Bank of Nigeria (CBN) to ban Cryptocurrency in Nigeria.
The ICPC boss while supporting the position of the CBN, said that the nature of operations of Cryptocurrency exposes it to money laundering and terrorism financing.
Meanwhile, the Nigerian Financial Intelligence Unit (NFIU) has said that the agency averted a $3million fraud linked to 20 bank accounts.
Owasanoye further explained that the anti-graft agency currently has a number of cases linked to Cryptocurrency but is unable to track the suspects.
He brought the attention of the Senate to a period in 2018 when a number of globally rated financial institutions said their financial statements had been hacked with the perpetrators asking to be paid in Cryptocurrencies.
ICPC Chairman noted that the CBN as a regulator has the responsibility to ensure sound financial stability and it will be difficult to achieve in the case of Cryptocurrencies where the players are anonymous.
While sharing the experience of the Indian Supreme Court and how it ruled and admitted that it does not know what it is, he urged the Lawmakers to as a matter of urgency, take decisive action against Cryptocurrencies.
What you should know
- It can be recalled that the CBN had directed the financial institutions to immediately close the accounts of such persons or entities transacting in or operating cryptocurrency exchanges, warning of severe regulatory sanctions in the event of any breach of the directive.
- The apex bank warned the Deposit Money Banks, Non-Financial Institutions and other Financial Institutions against doing business in crypto and other digital assets.
- The latest directive is coming after the CBN had in 2018 stated that cryptocurrencies are not legal tender and as such are illegal.
Nairametrics | Company Earnings
Access our Live Feed portal for the latest company earnings as they drop.
- Cornerstone Insurance Plc notifies stakeholders of late submission of financial statements.
- NSE approves delisting of 11 Plc shares.
- Berger Paints Nigeria Plc reports a 67% decline in Profits in FY 2020.
- MTN Nigeria raises N73.5 billion from CP Issuance to finance operations.
- Jaiz Bank proposes dividend worth N884 million for shareholders.