The Nigerian insurers have raised the compensation they promised to pay each of the pharmacists and nurses who die while treating COVID-19 patients in the country from N1m to N2m.
The acting Commissioner for Insurance, Mr Sunday Thomas, disclosed this when he presented the evidence of the life insurance policy contract to the Chairman, Presidential Task Force on COVID 19 through the Minister of Finance, Budget and National Planning, Zainab Ahmed, on Friday.
The underwriters said this was part of their efforts to motivate the health workers who were at the frontline of containing the spread of the virus in the country.
Recall that recently, the underwriters increased the compensation they promised to pay each doctor who die while treating patients from N1m to N3m.
They, however, maintained N1m compensation for other health workers who might die in the COVID-19 fight.
In the presentation, the insurance operators said the estimated liability of the insuring companies was N11bn.
The industry said it was supporting the Federal Government by providing free life insurance cover to the frontline workers on COVID-19
It stated, “The scope of the life insurance cover is for a maximum of 5,000 health workers who are employed in the fight against COVID 19.”
The benefit which was the sum assured payable to the families or named beneficiary of any of the workers who die in the line of duty would be N3m for medical doctors, N2m for nurses and N1m for others, it added.
It stated, “The premium in the sum of N112.5m for the cover has been fully paid by the Nigerian insurance industry in line with the principle of No Premium No Cover.
“A total of 19 life insurance companies have been accredited to provide the cover.
“In event of any fatality the relevant agencies of government will immediately advise the lead underwriter – FBN Insurance Limited who will make request for relevant documents needed for payment of the claim.
“The cover is for a period of 12 months effective 14th April, 2020.”