According to the Nigeria Insurers Association, insurance companies have paid over N5.4 billion in claims settlements resulting from #EndSARS losses.
Yetunde Ilori, the Director-General, stated this at Noor Takaful Limited’s Surplus Distribution Event on Wednesday.
Nigerian teenagers took to the streets in numerous towns around the country, demanding an end to police violence perpetrated by the Special Anti-Robbery Squad.
However, inadequate handling of the protests led to hijacking its hijacking by hoodlums who ruined lives and property in some of the cities. Noor Takaful was also recognized by the NIA for its constant growth in the business.
“The principle of insurance is so many people contributing money together to settle the unfortunate ones
“Takaful is a model of that particular principle. Other insurance companies also provide non-claim discounts to those who have not collected their claims.”
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Charging Noor Takaful on recapitalisation, she said, “I congratulate Noor Takaful on its consistent performance.
“We looked at your growth from the gross contribution of N243m and now from our records in 2020, you have crossed over to have generated a contribution of about N1.2bn and I think this is a great achievement”.
Former CBN governor, Muhammadu Sanusi, expressed delight at the company’s progress, recalling some of the roles he played in the country’s history of Islamic banking.
He said Takaful is part of the growth trajectory of Islamic finance that was influenced by the introduction of Islamic banks and Islamic capital markets entities.
“Its introduction is a testimony to the responsiveness of NAICOM, the insurance regulator of Nigeria.”
Sanusi added, “Banking and insurance services are a measure of the development of a country’s financial services.
“Based on this need, mutuality and collectiveness reflected by the practice and teachings of Islam, Takaful Insurance was recognised by some economists, financial experts as alternatives to financial trade”.
Muhtar Bakare, Chairman of Noor Takaful, stated that the company would disburse N36 million in surplus to eligible participants for the third consecutive year, as allowed by the NAICOM