Insurers pay flood victims N168.4m
•Lagos flood victims file claims
The Nigeria Insurance Association (NIA) has said insurance firms paid N168.44 million to flood victims in 2015.
It also said flood victims in the Victoria Island and Lekki axis of Lagos State were already filing their claims.
NIA Chairman Eddie Efekoha, at a media parley in Lagos, said over 20 claimants filed flood claims in 2015.
He noted that flood is often an extension of fire cover, adding that most insurance firms do offer the cover for free, especially in areas not prone to flood.
Efekoha said: “Victims of floods in Victoria island axis with a lot of cars and buildings submerged and broken have filed their claims on the industry.
“We, as insurers, are happy to pay claims and all of these victims will be duly paid. We believe that when these people receive compensations for their damaged or destroyed properties, they will continue be happy and would share their experience with families and friends. This will help promote insurance and people will continue to buy.
“Insurance is meant to help people. It manages people’s risks and all we ask them to do is to transfer it to us so that they don’t loss their properties.
“Flood insurance policy is often an extension of fire cover and most insurance companies do offer the cover for free, especially in areas not prone to flood.
The Victoria Island axis, for instance, is susceptible to flood and that is why we, as insurers, will always advise that people should insure against mishaps that may happen in future,” he added.