Coverage of strikes, riots and civil commotion in Nigeria

civil commotionThe National Insurance Commission (NAICOM) will soon be urging Nigerian insurers to cover the risks of strikes, riots and civil commotion. The decision follows the damage caused by the EndSARS protests in October 2020, which caused damage of up to several billion NGN.

According to Sunday Thomas, Insurance Commissioner at NAICOM, the event has increased the demand for coverage in Nigeria. The risks of strikes, riots and civil commotion must be properly assessed and underwritten as a necessary product for the survival of Nigerian businesses.

Within this framework, NAICOM will soon publish guidelines for the coverage of this new risk.

Read also | New capitalization requirements for Nigerian insurers and reinsurers

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