Insurance companies in the country are expected to pay N4.5 billion as claims that were affected during the #EndSAR protest.
The chairman of Nigerian Insurers Association(NIA), Mr. Ganiyu Musa, who disclosed this at an interactive session with insurance journalists in Lagos, noted that operators are still collating claims and every genuine claim will be settled.
He said over 2000 businesses were involved in the claims companies are going to settle.
Musa said: “The number of insured businesses that were affected at the last count was about 2000 insured loss and the industry have settled over N4 billion claims in respect of the endsars protest. Once they are documented and completed, we have the commitment of our members that claims will be paid timely.”
The Association is on top of developments on the aftermath of the protests and will continue to encourage members to pay all genuine claims in line with the extant policies.
On the Consolidated Insurance Bill 2020, Musa said: “NIA welcomes the review as it will align the Act with global best practice and promote the business of insurance in the country.”
According to him, “The current insurance legislation is outdated and has made it impossible to do things that need to be done.
On the African Insurance Organisation Conference, AIO 2021, Musa said: “Originally planned for year 2020, COVID-19 was a force majeure due to health protocols and travel restrictions. With availability of vaccines, reduction in infection rate coupled with relaxation of travel restrictions and other protocols around the coronavirus disease, the AIO Executive Committee and the NIA have agreed to hold it from 4 – 8 September 2021. A hybrid conference has been agreed and we solicit your support in hosting the best conference ever.”
Speaking on the Nigerian Insurance Industry Database /Nigerian Insurance Industry Portal (NIID/NIIP), Musa said: “The Nigerian Insurance Industry database was established to reduce soft market practices and eliminate fake insurance policies.
The Association has taken a step further by creating the Nigerian Insurance Industry platform to enable vehicle owners purchase their third-party motor vehicle insurance cover from the comfort of their homes and telephones. So far, we are seeing a lot of traction on the platform across the states of the Federation and we are hopeful that other states will key into the project before the end of the year.”
On the Marine Module, he said: “As you are probably aware, the Central Bank of Nigeria has since integrated the NIA Marine Module into the National Trade portal and all insurance certificates required for import and export are generated from the Portal. This, no doubt, signals the end of fake Marine Insurance Certificates at the Ports.”
Musa stated that he became the Chairman of the Council of Bureaux of the Ecowas Brown Card Scheme at its 37th Ordinary Session in January this year. “A major issue for the Bureau is domestication of Compulsory Brown Card in the country. We are hopeful that when all the fine details have been sorted, it will be implemented in Nigeria,” he said.
On the new NIA House Project, Musa said; “Construction of a befitting Secretariat for the Association has reached an advanced stage and we are hopeful that the building will be completed at the end of the second quarter so that we can take full possession of the property and relocate our secretariat staff before the end of the year. Of course, we have had some delay in meeting delivery timelines due mainly to the outbreak of COVID-19 and the regulatory restrictions on number of workers on site at any point in time.”
On the initiatives on compulsory insurance, he said: “We have commenced discussions with Lagos State Building Control Agency as part of engagements on the implementation of Lagos State Building law. We are also working closely with the state vehicle Inspection service on enforcement of Third Party Motor Insurance in the state.
“We are also engaging Kaduna, Kogi and Ogun States, and remain hopeful that other states will see value in the platform and embrace it. Out of the estimated 13 million vehicles in Nigeria only about 2,939,767 Third Party Motor policies are in force as at (Apr 26, 2021).”