According to the latest edition of the Insurance Digest, insurance firms have set aside N13.2 billion as #EndSARS claims when substantiated by claimants.
The in-house journal, obtained by reporters from the Nigeria Insurers Association (NIA), stated that the N13.2 billion was outside the N9 billion earlier settlements on #EndSARS claims last year.
The report shows that insurance, being a traditional risk carrier, was hard-hit due to the impact of Coronavirus pandemic on insurance policies.
It also stated that the pandemic’s effect was felt in travel and business interruption claims, health and death claims, pressure on sales from reduced operational activities, and little or no face-to-face interactions.
The 2020 report further read: “All these disruptions necessitated a business re-engineering to keep up with the ever-increasing needs of clients.
“The National Insurance Commission through the NIA galvanised the industry’s support for the Federal Government in a collaborative effort to fight the ravaging Covid-19 pandemic.
“The industry supported the Federal Government with the sum of N 500 million and granted insurance cover to 5000 frontline health workers as incentive and to ensure them of support in the event of any eventuality in their line of duty.
“While still running the effect of the pandemic, #EndSARS protest rocked the nation in October 2020 with devastating effect on the insurance sector as insured losses continued to mount.
“Over N9 billion claims have been fully settled with a further reserved provision of over N13.2 billion set aside by underwriters to settle yet to be substantiated claims.”
