Insurance firms have paid over N5.4 billion to people who lost their properties during the #EndSARS protest, Nigeria Insurers Association (NIA) has said.
The Director-General, NIA, Yetunde Ilori, disclosed this at the Surplus Distribution Event held by Noor Takaful Limited held on Wednesday.
The #EndSARS protest which happened in the fourth quarter of last year was a demand by Nigerian youths for an end to police brutality but was hijacked by hoodlums that killed people and destroyed properties.
Ilori said, “There is also a privacy policy regarding insurance. During the #EndSARS period, we have paid over N5.4bn in settlement of claims. As an umbrella body, we would summarize what we are doing in terms of insurance claims payment.
“The principle of insurance is so many people contributing money together to settle the unfortunate ones.
“Takaful is a model of that particular principle. Other insurance companies also provide non-claim discounts to those who have not collected their claims.”
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“We looked at your growth from the gross contribution of N243 million and now from our records in 2020, you have crossed over to have generated a contribution of about N1.2 billion and I think this is a great achievement.”
The Former CBN governor, Muhammadu Sanusi, expressed delight at the growth of the company, saying “Takaful is part of the growth trajectory of Islamic finance that was influenced by the introduction of Islamic banks and Islamic capital markets entities.
“Its introduction is a testimony to the responsiveness of NAICOM, the insurance regulator of Nigeria. Banking and insurance services are a measure of the development of a country’s financial services.
The Chairman of Noor Takaful, Muhtar Bakare, said it was the third consecutive year the firm was distributing surplus as it would distribute N36m for the year 2019 surplus to qualifying participants as approved by the NAICOM.
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