• About
  • Advertise
  • Privacy & Policy
  • Contact
Saturday, July 5, 2025
Bislad News
  • Login
  • Home
  • Politics
  • Insurance
  • Pension
  • Paper Presentation
  • Opinion
  • Back In The Days
  • News
  • Business
  • Features
  • Photo Gallery
  • Sports
No Result
View All Result
  • Home
  • Politics
  • Insurance
  • Pension
  • Paper Presentation
  • Opinion
  • Back In The Days
  • News
  • Business
  • Features
  • Photo Gallery
  • Sports
No Result
View All Result
Bislad News
No Result
View All Result

#EndSARS Protest Claims: Insurers Pay  N4bn To Over 2,000 Businesses.

by Bisi Bamishe
May 7, 2021
in Insurance
NIA Releases 2006 Industry Performance
Share this:

Bisi Bamishe

Insurance operators in the country paid N4 billion as claims benefits to over 2000 businesses that were affected during the protest.

The chairman of Nigerian Insurers Association(NIA), Ganiyu Musa, who disclosed this at an interactive session with insurance journalists in Lagos, noted that operators are still collating claims and every genuine claim will be settled.

Musa said: “the number of insured businesses that were affected at the last count was about 2000 insured loss and the industry have settled over N4 billion claims in respect of the endsars protest. Once they are documented and completed, we have the commitment of our members that claims will be paid timely.”

Read Also:

Universal Insurance, NHIA, PTAD, Rite Foods, Sponsor NAIPE 2025 AGM

Commissioner for Insurance, CIIN President Laud IMT For Advancing Tech-Driven Insurance ln Nigeria

The Association is on top of developments on the aftermath of the protests and will continue to encourage members to pay all genuine claims in line with the extant policies.

On the Consolidated Insurance Bill 2020, Musa said: “NIA welcomes the review as it will align the Act with global best practice and promote the business of insurance in the country.”

According to him, the current insurance legislation is outdated and has made it impossible to do things that need to be done.

On the African Insurance Organisation Conference, AIO 2021, Musa said: “Originally planned for year 2020, COVID-19 was a force majeure due to health protocols and travel restrictions. With availability of vaccines, reduction in infection rate coupled with relaxation of travel restrictions and other protocols around the coronavirus disease, the AIO Executive Committee and the NIA have agreed to hold it from 4 – 8 September 2021. A hybrid conference has been agreed and we solicit your support in hosting the best conference ever.”

Speaking on the Nigerian Insurance Industry Database /Nigerian Insurance Industry Portal (NIID/NIIP), Musa said: “The Nigerian Insurance Industry database was established to reduce soft market practices and eliminate fake insurance policies. The Association has taken a step further by creating the Nigerian Insurance Industry platform to enable vehicle owners purchase their third-party motor vehicle insurance cover from the comfort of their homes and telephones. So far, we are seeing a lot of traction on the platform across the states of the Federation and we are hopeful that other states will key into the project before the end of the year.”

On the Marine Module, he said: “As you are probably aware, the Central Bank of Nigeria has since integrated the NIA Marine Module into the National Trade portal and all insurance certificates required for import and export are generated from the Portal.  This, no doubt, signals the end of fake Marine Insurance Certificates at the Ports.”

Musa stated that he became the Chairman of the Council of Bureaux of the Ecowas Brown Card Scheme at its 37th Ordinary Session in January this year. “A major issue for the Bureau is domestication of Compulsory Brown Card in the country. We are hopeful that when all the fine details have been sorted, it will be implemented in Nigeria,” he said.

On the new NIA House Project, Musa said; “Construction of a befitting Secretariat for the Association has reached an advanced stage and we are hopeful that the building will be completed at the end of the second quarter so that we can take full possession of the property and relocate our secretariat staff before the end of the year. Of course, we have had some delay in meeting delivery timelines due mainly to the outbreak of COVID-19 and the regulatory restrictions on number of workers on site at any point in time.”

On the initiatives on compulsory insurance, he said: “We have commenced discussions with Lagos State Building Control Agency as part of engagements on the implementation of Lagos State Building law. We are also working closely with the state vehicle Inspection service on enforcement of Third Party Motor Insurance in the state. We are also engaging Kaduna, Kogi and Ogun States, and remain hopeful that other states will see value in the platform and embrace it. Out of the estimated 13 million vehicles in Nigeria only about 2,939,767 Third Party Motor policies are in force as at (Apr 26, 2021).”

Previous Post

President Obama Holds his Final Press Conference

Next Post

Motor Insurance Cover: Insurance Companies Engage Five States 

Bisi Bamishe

Bisi Bamishe

I am a journalist with many years of experience in the field of Insurance and Pension. In 2003, I won Nigeria Media Merit Award of the IGI's Prize For Insurance Reporter of The Year

Related Posts

Universal Insurance, NHIA, PTAD, Rite Foods, Sponsor NAIPE 2025 AGM
Insurance

Universal Insurance, NHIA, PTAD, Rite Foods, Sponsor NAIPE 2025 AGM

July 4, 2025
Commissioner for Insurance, CIIN President Laud IMT For Advancing Tech-Driven Insurance ln Nigeria
Insurance

Commissioner for Insurance, CIIN President Laud IMT For Advancing Tech-Driven Insurance ln Nigeria

July 4, 2025
NAICOM Hands Over New Licenses To SanlamAllianz Life And General Insurance
Insurance

NAICOM Hands Over New Licenses To SanlamAllianz Life And General Insurance

July 3, 2025
Leadway Sets The Stage For Transformative Healthcare Delivery ln Nigeria
Insurance

Leadway Health HMO Reinforces Industry Leadership With Third Straight HMO Of The Year Award

July 1, 2025
NIA Hosts Opening Ceremony Of Maiden Insurance Week To Boost Awareness
Insurance

NIA Hosts Opening Ceremony Of Maiden Insurance Week To Boost Awareness

June 30, 2025
Artificial Intelligence, Catalyst For Transformation In Financial Services — Kwairanga
Insurance

Artificial Intelligence, Catalyst For Transformation In Financial Services — Kwairanga

June 24, 2025
Next Post
KEYNOTE ADDRESS BY THE Ag. COMMISSIONER FOR INSURANCE , Mr. O S. THOMAS AT THE 2ND INTERACTIVE SESSION WITH CONSUMERS OF INSURANCE PRODUCTS AND SERVICES HELD AT ORIENTAL HOTEL, VICTORIA ISLAND, LAGOS, ON NOVEMBER 4, 2019.

Motor Insurance Cover: Insurance Companies Engage Five States 

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recent News

Universal Insurance, NHIA, PTAD, Rite Foods, Sponsor NAIPE 2025 AGM

Universal Insurance, NHIA, PTAD, Rite Foods, Sponsor NAIPE 2025 AGM

1 day ago
Commissioner for Insurance, CIIN President Laud IMT For Advancing Tech-Driven Insurance ln Nigeria

Commissioner for Insurance, CIIN President Laud IMT For Advancing Tech-Driven Insurance ln Nigeria

1 day ago
NAICOM Hands Over New Licenses To SanlamAllianz Life And General Insurance

NAICOM Hands Over New Licenses To SanlamAllianz Life And General Insurance

2 days ago
Leadway Sets The Stage For Transformative Healthcare Delivery ln Nigeria

Leadway Health HMO Reinforces Industry Leadership With Third Straight HMO Of The Year Award

4 days ago

Bisladnews.com is an online publication of Bislad Communication Network Company. It is a news platform dedicated to providing top news.

Follow Us

Browse by Category

  • Back in the days
  • Business
  • Features
  • Insurance
  • Interview
  • News
  • Opinion
  • Paper Presentation
  • Pension
  • Photo Gallery
  • Politics
  • Sports
  • Uncategorized

Recent News

Universal Insurance, NHIA, PTAD, Rite Foods, Sponsor NAIPE 2025 AGM

Universal Insurance, NHIA, PTAD, Rite Foods, Sponsor NAIPE 2025 AGM

July 4, 2025
Commissioner for Insurance, CIIN President Laud IMT For Advancing Tech-Driven Insurance ln Nigeria

Commissioner for Insurance, CIIN President Laud IMT For Advancing Tech-Driven Insurance ln Nigeria

July 4, 2025
  • Home
  • Politics
  • Insurance
  • Pension
  • Paper Presentation
  • Opinion
  • Back In The Days
  • News
  • Business
  • Features
  • Photo Gallery
  • Sports

©2024 - Bislad News

No Result
View All Result
  • Home
  • Politics
  • Insurance
  • Pension
  • Paper Presentation
  • Opinion
  • Back In The Days
  • News
  • Business
  • Features
  • Photo Gallery
  • Sports

©2024 - Bislad News

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In