Flood disaster: Insurance firms assure on payment of claims

As the nation continues to battle with the consequences of the flood disaster which have spread to 23 states, insurance companies in Nigeria have assured of the timely payment of all claimed arising from insured risks.

Insurance industry’s regulatory authority, the National Insurance Commission  (NAICOM) which gave the assurance said that all claims arising from the flood will be paid promptly as long as there are adequate flood insurance policies in place.

Insurance companies consider a policy adequate when the insured keeps to the terms of the cover with particular emphasis on payment of premiums. Flood insurance usually come as an extension of fire policy where the client pays extra premium to cover extra ordinary risks flood inclusive.

The federal and state governments have continued to rally support for flood victims even as the continue to call on the international communities to extend help to the victims. The first to respond is America with an initial donation of US$1million.  “NAICOM sympathises with victims of recent flood disaster across the country and want to assure all those insure  against such misfortunes of the Commission’s commitment towards ensuring prompt settlement of their claims by insurance companies” Alhaji Rassaq Salami who is the deputy Director in charge of corporate communication and Market Development at NAICOM said.

Salami who gave the commitment in a statement said that NAICOM will encourage insurance companies to live up to their responsibilities with regards to the compensation of insured victims of flood.

It would he recalled that this is not the first time that the nation’s insurance industry will be demonstrating capacity in terms of claims settlement.

The most recent was during the #EndSARS protest of 2020 when the nation suffered monumental loses many of which were not insured. Insurance companies had committed billions of naira in making restitution to victims of the protest.

It is consequent upon such serial loses that insurance companies are sustaining their campaign for the resort to insurance in the protection of valued assets on the part of individuals and corporate bodies and not exempting strategic national assets including government vehicles.

For a better society

—————————————————————–

Kindly follow us across all our Social Media platforms to stay up-to-date with the latest news and happenings in Nigeria and Across the Globe.

Facebook – https://facebook.com/championnewsonline
Instagram – https://instagram.com/championnewsonline