Insurance Companies Compensation to Businesses Destroyed During #Endsars Protest Exceeds N11bn
- Insurance companies are still paying for the damage done to businesses during the #EndSARS demonstration
- The #EndSARS protest, which lasted over two weeks, has so far cost N11 billion insurance payment
- More payments are expected to be made, with players in the insurance industry anticipating a total payment in the excess of N20 billion
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Insurance companies operating in Nigeria have paid over N11 billion as claims to victims of the #EndSARS protests that shook the nation in October 2020.
During the nationwide demonstration for the disbandment of the notorious police unit, Special Anti-Robbery Squad (SARS), several properties belonging to the government and private individuals and businesses were destroyed.
It was alleged that government officials sponsored thugs to disrupt the protest, which started as a peaceful march, The Guardian reports.
Source: Getty Images
Some #EndSARS victims who had insurance for their properties and companies had to rush to their underwriters for claims, as well as to a news conference in Lagos on Tuesday.
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Mr Ganiyu Musa, Chairman of the Nigerian Insurers Association (NIA), told journalists that members of the organization had paid over N11 billion in claims for damages incurred as a result of the #Endsars protest.
He said:
“As at January, insurers have paid over N11 billion as claims that arose from the #EndSARS protest of 2020."
The Punch added that Musa emphasised the need for insurance companies to pay all genuine insurance claims and will not hesitate to sanction erring member companies.
"The insurers, as of October 2021, had paid over N9 billion as claims of possible N20 billion estimated from the protest. Hence, the operators paid an additional N2 billion between October 2021 and January 2022."
The association during the briefing put the number of insured businesses that were affected as a result of the protest at about 2,000.
Many loan companies in Nigeria are illegal
In a related story, the Nigerian government has insisted that many loan companies operating in Nigeria are illegal and not registered with appropriate authorities hence their activities are illegally
These loan companies are known for their exorbitant interest rates, privacy abuse and blatant invasion of privacy.
Some of the companies involves in these illegal acts include NowCash, Moniloanplus, 9credit, Monicash among others.
Source: Legit.ng
