Insurance firms paid N5.4 billion as claims on #EndSARS losses – NIA

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The Nigeria Insurers Association has disclosed that insurance firms paid over N5.4 billion in claims settlement arising from #EndSARS losses.

This was confirmed by the agency’s Director-General, Yetunde Ilori, during a seminar organised by Noor Takaful Limited in Lagos on Wednesday.

What the NIA is saying

Ilori said, “There is also a privacy policy regarding insurance. During the #EndSARS period, we have paid over N5.4 billion 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.

“Other insurance companies also provide non-claim discounts to those who have not collected their claims.”

On recapitalisation, she tasked Noor Takaful to be consistent in its performance.

“We looked at your growth from the gross contribution of N243 million and now from our records in 2020, you have crossed over to have generated a contribution of about N1.2 billion and I think this is a great achievement,” she added.

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.”

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