The National Insurance Commission (NAICOM) has said it will take keen interest in handling the claims of adequately insured policyholders of properties destroyed during the EndSARS protests.
NAICOM’s Head, Commissioner for Insurance Directorate, Mr. Rasaaq Salami, told the reporters in Abuja yesterday that the commission would await complaints from policyholders arising from the EndSARS protests.
According to him, a situation like this underscores the importance of adequate and appropriate insurance.
Salami said the insurance industry was gradually and steadily shifting from the era of poor claims payment to adequately honouring their obligations.
The head of directorate stressed the need for both government and individuals to adequately insure all their assets and liabilities.
“What has happened is very unfortunate and sad. We all know that the losses are heavy and a lot of financial resources are required to replace all that has been lost.
“Because of the sensitivity of this #EndSARS issue, NAICOM is going to take keen interest in it and await any claims complaint that will come from it.
“The industry is now aware of the benefits to them as operators when they honour their obligations because when you do, it becomes easier for you to get the other party to come and insure.
“I deliberately stressed ‘adequate and appropriate’ because there are policies that the insured go into that are limited; some do not cover anything.
“When you have your risk and you disclose it and it is appropriately priced and the appropriate premium is paid, with genuine insurance companies through NAICOM’s registered insurance brokers or direct with the insurance companies, it means that when a situation of loss occurs, claims payment is guaranteed.