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#EndSARS: 14 Insurance Firms Settle ₦9.7 billion Claims

#EndSARS: 14 Insurance Firms Settle ₦9.7 billion Claims

Fourteen insurance companies will be paying out ₦9.7 billion to businesses that were destroyed following the violence that marred the #EndSARS protest in October.

Some of the affected businesses have received compensation while others are still being investigated.

According to the Director-General, Nigerian Insurers Association, Mrs Yetunde Ilori, she stated that inurace companies were

The Director-General, Nigerian Insurers Association, Mrs Yetunde Ilori, said the insurance companies were responding to the claims of their customers.

She said the association was already collating the claims from the losses.

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Giving details of the collated figures, she said, “As of Saturday, only 14 insurance companies have given us information.

“The total loss that people have lodged through the companies is N9.7bn. There are companies with higher claims who carried majority of the claims.

“About 1,036 claims have been lodged across the country with most of them coming from Lagos which is 667.

“About N7bn reserves was prepared by the 14 insurance companies to settle the claims.”

The Chairman, Boff & Company Brokers Limited, Chief Babajide Olatunde-Agbeja, confirmed payment of claims by the insurance companies to his clients.

He said his company had three clients who suffered losses from the protests but had been paid their claims by insurance companies.

Olatunde-Agbeja said, “There are three medium-sized claims which all have been promptly paid.

“They were paid N20m, N8m and N17m respectively.

“One was a pharmacist shop; one was a shop selling mobile phones in Surulere that was completely looted and claims paid in full.

“The insurance industry is getting better, slowly but surely.”

About Author

Victor Okeh is a graduate of Economics from Lagos State University. He is versatile in reporting business and economy, politics and finance, and entrepreneurship articles. He can be reached via – [email protected]

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