This presentation is in two parts
Part 1. OFFER BY THE NIGERIAN INSURANCE INDUSTRY TO THE FEDERAL GOVERNMENT OF NIGERIA OF INSURANCE COVER FOR FRONTLINE WORKERS ON COVID 19.
The Nigerian Insurance Industry is offering to the Federal Government of Nigeria its assistance in providing Life Insurance Cover to the frontline workers on COVID 19
The Cover SCOPE:
The Life Insurance Cover is for a maximum of 5000 health workers who are employed in the fight against COVID 19.
THE BENEFITS:
The benefit which is the sum Assured payable to the families or named the beneficiary of any of the workers that die in the line of duty is as follows:
Medical Doctors———- N3m
Pharmacists/Nurses —–N2m
Others———————– N1m
ESTIMATED LIABILITY
The estimated liability of the insuring companies is Eleven Billion Naira (N11,000,000,000)
PREMIUM PAYMENT FOR THE COVER
The premium in the sum of N112,500,000 for the cover has been fully paid by the Nigerian Insurance Industry in line with the principle of No Premium No Cover.
PARTICIPATING LIFE INSURANCE COMPANIES
A total of 19 Life Insurance companies have been accredited to provide the Cover.
CLAIMS ADMINISTRATION.
In the event of any fatality, the relevant agencies of government will immediately advise the lead Underwriter – FBN Insurance Ltd who will make a request for relevant documents needed for payment of the claim
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PERIOD OF COVER
The cover is for a period of 12months effective 14th April, 2020.
Other details of the policy are contained in the policy document.
PART 2 Presentation of the Life Insurance Policy
The Life Insurance Policy which is the evidence of the contract is hereby presented to the Chairman, Presidential Task Force on COVID 19 through the Honourable Minister of Finance, Budget and National Planning. Submitted Please O S THOMAS Ag. Commissioner for Insurance. 24 April, 2020.
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