Insurance CEOs assures of adequate compensation for #EndSARS protests’ victims

Chief executive officers (CEOs) of insurance companies have assured businesses under their coverage that were destroyed by hoodlums recently of adequate compensation.

The Insurance Chiefs said any victim who bought only basic cover without paying for extension would not get claims, adding that victims are expected to have extension to cover strike, riot, and civil commotion (SRCC), under which protest is categorised.

Speaking on the ‘Global Business Report,’ a programme monitored on Arise Tv, Mr. Ganiyu Musa, chairman of the Nigerian Insurers Association (NIA), said the thoughts of his members were with the families grieving and mourning the loss of their loved ones.

Musa, who is the group managing director of Cornerstone Insurance Plc, said following the significant impact, in terms of loss of property and other dislocations in the past few days, “Insurance is at the centre of everything as it stands.”

Chairman of NIA, disclosed that insurance firms have sent out risk adjusters to various sites across the country to assess the level of damage.

“Of course, a number of our members have been receiving notification of claims both with respect to the damage to property and ancillary losses as a result of the losses.

“Clearly, insurance was built for times like these. That is essentially why people take insurance,” Musa added.

He however, declared that the development would have an immediate negative impact on the liquidity, balance sheet and cash flow of firms in the industry.

Musa said: “This is the whole essence of insurance. For all the folks affected, both individuals and businesses that have valid insurance policies that have been paid for, we would provide them with the necessary compensation in line with the terms of their policy.

“They don’t have anything to fear or worry. They should get in touch with their insurers if they are in doubt and if they had used intermediaries such as brokers, they should also get in touch with their brokers to take them through how to file their claims.

“But those that have not taken insurance, this is the essence. When things like these happen, our role as insurance underwriters is to provide you with peace of mind that we would be able to provide the necessary succour to enable you to pick up the pieces; rebuild your businesses and move on in life.

“This is the time to talk to your insurance once you had purchased a valid policy and they would take you through the claims’ process. Our business was set up to handle an incidence of this nature.”

Mr. Eddie Efekoha, managing director Consolidated Hallmark Insurance, assured clients of prompt claims’ payment.