Insurers pay N5.4b on #EndSARS riot

A total of N5.4 billion claims has been paid by insurers to Nigerians who suffered losses from #EndSARS riot that occurred last October, the Director-General, Nigeria Insurers Association, Mrs. Yetunde Ilori, has said.

Mrs Ilori said in Lagos that the insurance industry is doing more than the public knew.

She pointed out that the reason it seemed insurance was not paying was because nobody would come out to say, ‘I have been paid an amount of money for security reasons’.

She said the principles of insurance are that so many people contribute to solve the problems of unhappy people.

She noted that there is a privacy policy on insurance, limiting how much information an insurance company can give on his or client on claims paid.

She said: “We have to respect the privacy policy of policyholders. There are limits to how we can publicise what has happened to them.

“Nobody wants to say when his house got burnt, he was paid millions of naira. So, insurance industry is doing much more than we all know.

“Everything revolves around the situation in the country where you cannot divulge too much information. But as an umbrella body, we will summarise what we are paying,” she added.