The Nigerian Insurers Association (NIA) has called on residents and business owners impacted by the recent tanker blast in Oluku, Edo State, to reach out to their respective insurance companies and provide the required paperwork to fast-track the evaluation and payout of legitimate claims.
The association also called for stricter enforcement of compulsory insurance requirements and improved road safety measures following the explosion, which occurred on Thursday, October 15, 2026, along the Benin–Lagos Road.
The NIA Chairman, Mrs Ebelechukwu Nwachukwu, gave the assurances in a statement dated October 16, expressing condolences to the Edo State Government, families of victims and businesses affected by the incident.
The explosion, which occurred in Oluku, Ovia North-East Local Government Area, resulted in loss of lives, injuries and damage to shops, vehicles and other property.
Nwachukwu said the association was prepared to support affected policyholders through the settlement of eligible claims.
“The Nigerian insurance industry stands ready to fulfil its obligations to policyholders affected by this unfortunate incident. Our member companies remain committed to prompt, fair and professional settlement of all valid claims, providing financial relief and supporting recovery efforts at this difficult time,” she said.
She urged insured individuals and businesses affected by the explosion to notify their insurance providers promptly and submit the necessary documents to facilitate claims assessment and settlement.
The NIA chairman noted that the destruction of commercial premises, vehicles, merchandise and other assets had caused significant economic losses for affected families and businesses.
She said the incident highlighted the importance of adequate insurance coverage in helping individuals and businesses recover from unexpected disasters.
“While insurance cannot replace precious lives or erase the emotional trauma of such tragedies, it provides an essential financial safety net, helping affected individuals and businesses recover, rebuild and restore their livelihoods,” Nwachukwu said.
She called on federal and state governments to ensure adequate insurance protection for public buildings, infrastructure and other government-owned assets.
Nwachukwu also urged authorities to strengthen enforcement of compulsory insurance requirements, particularly for public buildings and premises, in line with the Nigerian Insurance Industry Reform Act (NIIRA) 2025.
According to her, effective enforcement would improve financial protection for individuals and businesses, facilitate compensation for eligible victims and reduce the economic burden of disasters.
The association further urged petroleum tanker operators, motorists and other road users to prioritise safety through compliance with safety standards, regular vehicle maintenance and responsible road use.
It also advised members of the public to stay away from accident scenes involving petroleum products, avoid scooping spilled fuel and alert emergency response agencies promptly.
Nwachukwu commended emergency responders, security agencies, medical personnel and other authorities involved in the response, while calling for stronger collaboration among government agencies, transport operators and regulators to prevent similar incidents.
“The Association once again commiserates with the Government and people of Edo State and stands in solidarity with all families and businesses affected by the tragic incident,” she said.
What You Should Know
Following the devastating tanker explosion along the Benin–Lagos Road, the insurance sector is stepping in to help affected families and business owners recover their financial footing. The Nigerian Insurers Association has directed all policyholders who suffered losses to quickly report damages and submit necessary documents for claim processing.
- Positive Impact: Affected individuals and business owners with valid insurance policies can receive crucial financial relief to rebuild their shops, replace damaged assets, and restore their livelihoods.
- Potential Concerns: Those without active insurance coverage will bear the full economic burden of the disaster, highlighting the persistent challenge of low insurance adoption among citizens and small businesses in Nigeria.
