Views: Visits 9 By Rosemary Iwunze The Nigerian Insurers Association , NIA, has said that only about three million vehicles out of 13 million on Nigerian roads are insured, indicating that about 77 percent are uninsured. NIA also lamented that the sector can generate over N50 billion premium income annually if all vehicles have genuine insurance. Accordingly, the NIA said that it is collaborating with Lagos, Kaduna, Niger, Kogi and Ogun states governments on enforcement of motor insurance through their licensing offices. Chairman of NIA, Mr. Ganiyu Musa, said the industry is embittered about what it is losing to insurance racketeers and non-insurance of vehicles.
#EndSARS: Insurance companies paid N4 billion claims – Insurers’ association
The Nigeria Insurers Association (NIA) says about 2,000 insured businesses were affected by the violence that erupted during #EndSARS protests last year. 2 min read
The Nigerian Insurers Association (NIA) said Thursday that insurance companies have paid N4 billion as claims as a result of last year’s #EndSARS-related violence.
Addressing journalists in Lagos, Ganiyu Musa, Chairman, NIA, said about 2,000 insured businesses were affected by the violence.
Mr Musa also assured customers that all genuine claims resulting from the protests would be paid.
He said insurance operators were still collating claims stressing that every genuine claim would be settled.
#EndSARS: Insurance companies pay N4bn claims â NIA
Mr Ganiyu Musa, Chairman, NIA, disclosed this at a news conference in Lagos on Thursday.
Musa also assured customers that all genuine claims emanating from the protests would be paid.
He said insurance operators were still collating claims stressing that every genuine claim would be settled.
âThe number of insured businesses that were affected at the last count was about 2,000 insured loss and the industry have settled N4 billion claims out of N4.5 billion in respect of the #EndSARS protests.
â Once they are documented and completed, we have the commitment of our members that the claims will be paid timely,â he said.