Insurers settle N5.4bn claims on #EndSARS losses

Insurance companies operating under the umbrella of Nigeria Insurers Association (NIA) said that they   have paid  well over N5.4 billion in claims settlement arising from the loses which arose from the 2020 #EndSARS protest.

The Director-General, Yetunde Ilori, said this at the Surplus Distribution Event held by Noor Takaful Limited recently.

Nigerian youths had poured on the streets in several cities of the country, demanding for an end to police brutality perpetuated by the special police squad – the Special Anti-Robbery Squad.

However, poor handling of the protests led to hijacking its hijacking by hoodlums who destroyed lives and property in some of the cities.

The NIA also appreciated Noor Takaful for its consistent growth in the industry.

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

“The principle of insurance is so 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.”

Charging Noor Takaful on recapitalisation, she said, “I congratulate 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.”

Former CBN governor, Muhammadu Sanusi, expressed delight at the growth of the company, listing some of the roles he played in the evolution of Islamic finance in the country.

He said, “Takaful is part of the growth trajectory of Islamic finance that was influenced by the introduction of Islamic banks and Islamic capital markets entities.

“Its introduction is a testimony to the responsiveness of NAICOM, the insurance regulator of Nigeria.”

Sanusi added, “Banking and insurance services are a measure of the development of a country’s financial services.

“Based on this need, mutuality and collectiveness reflected by the practice and teachings of Islam, Takaful Insurance was recognised by some economists, financial experts as alternatives to financial trade.”

The Chairman of Noor Takaful, Muhtar Bakare, said it was the third consecutive year the firm was distributing surplus as it would distribute N36m for the year 2019 surplus to qualifying participants as approved by the NAICOM.

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