Insurers Pay N5.4bn #EndSARS Claims

NIGERIA Insurers Association says insurance companies have paid over N5.4bn in claims settlement from #EndSARS losses.

The Director-General of NIA, Yetunde Ilori, revealed this at a surplus distribution event organised by insurance firm, Noor Takaful Limited.

Ilori said, “There a privacy policy regarding insurance. During the #EndSARS period, we paid over N5.4bn in settlement of claims. As an umbrella body, we will summarise what we are doing in terms of insurance claims payment.

“The principle of insurance is 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.”

Ilori also congratulated Noor Takaful on its consistent performance.

“We looked at your growth from the gross contribution of N243m and now from our records in 2020, you have crossed over to have generated a contribution of about N1.2bn and I think this is a great achievement,” she said.

The Chairman of Noor Takaful, Muhtar Bakare, said it was the third consecutive year the firm was distributing surplus to qualifying participants as approved by NAICOM.