Business
#EndSARS: Insurance Firms Pay N9bn Claims On Deaths, Property
Insurance companies under the aegis of the Nigerian Insurers Association have paid N9 billion in claims to customers who suffered losses during the public protests against police brutality, also known as #EndSARS protests, in October last year.
Lootings, destructions and deaths had marred the protests.
Sensing that various groups were planning to stage memorial protests in various parts of the country this week, insurance companies on Monday released a report detailing the claims they had paid in the past one year to victims of the lootings and destructions that characterised the protests.
A report from insurance companies revealed that the claims were paid on three dead persons and other property losses.
According to the report, the insurance companies settled claims on 718 cases of vandalisation; 93 cases of looting; 113 cases of theft; and 136 cases of loss of cash.
Further findings revealed that 99 claims were settled on malicious damage; eight on business interruptions; 455 on burglary attacks; and 912 on fire and burnt sites.
Last October, some youths had commenced peaceful protests tagged #End SARS to demand the disbandment of the Police Special Anti-Robbery Squad and other reforms in the Nigerian Police Force.
As the protests persisted, it was taken over by hoodlums who embarked on massive lootings and destructions.
Following the ugly incident, the Commissioner for Insurance, Mr Sunday Thomas, assured stakeholders that the industry would pay all genuine claims.
He said: “A crop of people have talked about the capability of the industry to pay. I don’t know where that doubt is coming from because as far as I am concerned, insurance exists for times like this.
“What we should be asking ourselves is whether those properties are insured. Are premiums paid? As long as these questions are in the affirmative in terms of answer, I can rest assure everyone that the claims will be paid knowing quite well the nature of insurance and how it works.
“That is why we have insurance and reinsurance which is the second level. All the assets may not necessarily be domesticated.
“The foreign companies are also involved in this matter. So we don’t need to bother ourselves over these. It is a time for the insurance industry to showcase its capabilities. And I can rest assure the general public that the insurance industry is going to be alert to its responsibilities. There is nothing to worry about”.
Thomas had urged the business world and individuals to learn and see insurance as a fallback position for them.
The facility will be disbursed through participating Microfinance Institutions (MFIs), which will in turn extend the loans to their customers, particularly SMEs, as they directly interface with businesses at the grassroots level.
The Executive Director of COMCIN, Mr. Micheal Ogbaa who represented the Chairman, Dr. Iredele Oyedele (FCA, FCCA), said the initiative is designed to strengthen micro-lending institutions and expand access to finance for grassroots entrepreneurs, particularly women and youths in the informal sector.
Ogbaa explained that COMCIN does not lend directly to individuals but works through its network of microfinance and cooperative institutions, which in turn provide loans to end users.
“We came together to advocate for the microfinance ecosystem. Commercial banks often exclude people at the grassroots, but our members are positioned to reach them. This facility will empower them to do more,” he said.
He noted that the loan scheme offers low interest rates and flexible repayment plans, making it more accessible to small business owners.
According to him, about 90 percent of beneficiaries are expected to be women, who play a key role in sustaining families and driving economic activities at the local level.
“Our focus is on traders, service providers, and players in the informal sector. These are the real movers of the economy. By supporting them, we are strengthening families and contributing to national development,” he added.
Ogbaa disclosed that eligible SMEs with proven integrity and business track records could access up to N5 million each through participating micro-lending institutions. The rollout has commenced in Lagos and will extend to Abuja, Enugu, and other regions, including the South-West, South-East, and North-East.
He said 12 micro-lending institutions have already benefited from the scheme, while 85 applications are currently being processed under the pilot phase.
“Our target is to reach at least 100,000 SMEs nationwide. We are building a platform that connects funding partners with credible micro-lending institutions, creating a reliable channel for financial inclusion,” Ogbaa said.
He added that COMCIN is also working to attract larger funding pools from development finance institutions and private investors, noting that successful implementation of the pilot phase would boost confidence and unlock more capital for SMEs.
“We have seen encouraging testimonies from early beneficiaries. As we demonstrate transparency and efficiency, more institutions will be willing to channel funds through us,” he said.
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