Nigerian Insurers Brace for Claims Due to Unrest

By Sahabi Abdul

Nigerian insurance companies are bracing for a wave of claims following three weeks if protests and rioting that swept the country.

Businesses and individuals across the country of more than 200 million people suffered unforseen losses and damages from the arson, looting,  violence and the general disruption wrought nationwide as an initially peaceful protest against police brutality gave vent to other grievances.

“Most of our members are already receiving notifications for claims,” Ganiyu Musa, chairman of the Nigerian Insurers Association, told reporters in Lagos.

Aftermath of riots, can insurance help?

Nigeria’s biggest city of Lagos saw the worst case of rioters’ fury after soldiers opened fire on peaceful protesters on 20 October. Several public buildings were set on fire by rioters while so many shops belonging to small business owners were also looted.

In some of the reported cases, loss adjusters are already at work with inspections and assessments, according to Musa. Some insurance companies are also reaching out to their customers,  advising them on the procedures for making claims and filing documentation. 

The three weeks of unrest was another blow to Nigeria’s economy in a year it was already on course for a recession due to the devastations of the coronavirus pandemic.