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.