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Insurance companies are gearing up for future challenges regarding claims payments to insured owners of vandalized properties during the violence that erupted from the hijacked #EndSARS protests in Lagos and other parts of the country.
In separate interviews, the CEOs of some insurance companies shared their plans on the measures taken so far to ensure that their clients / policyholders received adequate remuneration.
See Moses, President, Nigerian Insurers Association (NIA) and Group Managing Director, Cornerstone Insurance Plc.
“Our insurance adjusters are already on site and are trying to come up with estimates of some of the facilities damaged during the #EndSARS riot and also determine the level of claims.” He said
In his capacity as head of the NIA, he emphasized this Insurance companies can pay compensation claims worth billions of Naira for loss of life and property that followed the #EndSARS protests. Insurers expect the insured loss to reach billions of Naira.
“And most of our members are already receiving notification of claims. Those who were insured should expect quick settlement of their claims, as the industry was ready to cushion the effects of current loss difficulties.
“For us insurers, this is the essence of our business. The reason people buy insurance is for peace of mind and relief in case one of the dangers covered occurs.
“This is not just a problem of property damage or loss of assets, but as it involves the loss of life, of course, our first consideration will have to be for families mourning the loss of loved ones.
“Those properties can be replaced. In the event of losses from looting, vandalism and more, our message is that if you have a valid insurance policy and events are covered, you don’t have to worry about a thing. Members of the Nigerian Association of Insurers will honor their obligations.
“All policyholders have to do is contact their insurance companies or brokers and begin the process of obtaining compensation based on the position of the contracts.
“The scope of what we are hearing and seeing is quite huge, but as an industry we are up to the task.”
Babatunde Fajemirokun, Chief Executive Officer / CEO, AIICO Insurance Plc.
“The riots have had a tremendous effect on individuals and companies, both small and large. The losses suffered in terms of human lives and resources are enormous. Our thoughts and prayers are with those who have been affected in one way or another.
“I assure you that as a company we are doing everything necessary to accompany our customers in this phase. We ask our customers with covered cases to contact us for immediate assistance with complaints.
“The year 2020 and everything we have experienced as a nation are favorable winds, which propel us forward and help us evolve. Indeed, the injection of new imagination, energy and innovative thinking into our national discourse will get us there.
“The Company’s claims profile over the years provides information on its ongoing commitment to settling claims and paying benefits. In 2019, its customers were paid over $ 30 billion. This followed N29.1 billion paid in 2018 and N23.3 billion in 2017 “.
Adeyinka Adekoya, Chief Executive Officer / General Manager, Coronation Insurance.
“Following the recent monumental loss of life and damage to property and resources nationwide, we have moved into our highest gear to provide our customers with the most appropriate help as quickly as possible in this time of need.
“We believe that insurance companies need to ensure that their customers do not have to wait for assistance after a disaster has occurred, by proactively gathering information on damage and loss, as well as responding to claims with speed and accuracy.
“We are well aware that our customers are facing numerous difficulties right now and the last thing they want is a painful and challenging complaints process.
“Our emergency payment methods will help relieve your immediate spending pressures and help them get back on their feet in the shortest period of time.”
Eddie Efekoha, Group Chief Executive Officer / CEO, Consolidated Hallmark Insurance.
“Consolidated Hallmark Insurance (CHI) Plc is set up to settle insurance claims for policyholders whose policies cover the Strike, Riot and Civil Commotion (SRCC) extension.
“We sent an email to all policyholders and stakeholders across the country, noting that such requests, like all others, would be handled quickly to ensure customers get back into business as quickly as possible.
“May God console the families of citizens who have lost their lives and there are certainly glorious days ahead.
“We are running a ‘Safety First’ campaign on the country’s radio and television stations. The campaign aims to provide existing customers with reliable coverage granted for their valuables and also to invite potential customers to always consider insurance for their assets, health and also to take out micro-insurance policies regardless of their level of income.
What do you need to know
Nairametrics reported one of the most viral tweets from an organization that was badly affected by the looting: supermarket chain Spar tweeted a message of hope and optimism despite the huge losses suffered by the activities of thugs and criminals.
“Our Lekki shop was vandalized and looted. But we recognize that this is only a setback to the larger issues we all face as a nation, and our thoughts and prayers remain with Nigerians everywhere, and for a peaceful resolution to various problems at hand.
“Rebuilding a supermarket is difficult. Rebuilding a nation is even more difficult. We are with you Nigeria. Stay focused. Be the solution ” Spar tweeted.
