The Chairman of Nigeria insurers Association (NIA), Ganiyu Musa, has said that all valid claims arising from the EndSARS vandalism and looting from policyholders would be duly settled according to the terms of the policies obtained.
Musa who disclosed this today in a media interview added that assessment of claims from the crisis is currently ongoing across the 55 insurance companies as some of them have started getting notification of claims from policyholders.
He stated that presently, loss adjusters are already touring the sites of the affected companies and businesses evaluating the extent of damages done.
Musa however noted that claims from these damages will have an immediate negative impact in companies’ liquidity, balance sheet and cash flow but essentially, insurance was built for times as these and this is why people take up policies.
He gave assurance that all policyholders both individuals and businesses with valid insurance policies that have been paid for, will be duly compensated as all members of the NIA will indemnify and provide them the necessary pay out in line with the terms of their policies.
He said, “policyholders with valid claims have nothing to fear. This is why you took insurance, for times as these. If you are in doubt of how to start processing your claims, you can get in touch with your insurance company or brokers. They will put you through the claims process.
“For those that have not taken or do not have any form of insurance policy, this is the best time to do so because this is the essence of insurance.”
