Nigerian insurance companies are facing a huge bill in compensation following violence that rocked the country during the EndSARS protests.
Property worth about $5 billion has so far been declared lost to the violence that preceded protests against brutality of the Special Anti-Robbery Squad (SARS) of the Nigeria police.
The estimate came from private and public organisations and individuals who have filed claims.
The National Insurance Commission (Naicom) asked for patience, giving the assurance that claims will be processed with speed and payment made after due diligence and verification.
Rasaaq Salami, Naicom’s Commissioner for Insurance Directorate, said in Abuja on October 3 that they had started receiving complaints from policyholders.
“We all know that the losses are heavy and a lot of financial resources are required to replace all that has been lost,” he said.
The protests began peacefully but turned violent after police shot at and killed several protesters.
The protesters reacted by torching facilities, looting and impeding businesses for most of the latter stages.
Lagos state reported that property worth more than $3.3 billion was lost to the violence.
Lagos state Commissioner for Information Gbenga Omotosho said 27 new luxury buses meant for rapid transit costing $200,000 each were burnt, along with several public and private cars.
Apart from the 25 police stations burnt in Lagos, massive damage was done in other states.
Inspector General of Police Mohammed Adamu said 22 officers were killed and 205 stations destroyed throughout the country.
Ganiyu Musa, the chair of the Nigerian Insurers Association, said that members would pay valid claims of policyholders.
“We know that the loss of life is a bigger calamity because it is not replaceable. At a time like this, our thoughts and prayers are to the people who lost their loved ones,” he said.