Mr Sunday Thomas, the Director-General of Nigeria Insurers Association (NIA), has stressed the need for government to enforce compulsory insurance policy in major markets nationwide.

Thomas made the appeal against the backdrop of the increasing incidence of fire outbreaks in markets across the country.

He told the News Agency of Nigeria (NAN) in Lagos that properties worth millions of naira had been lost to fire outbreaks across the country recently.

Thomas said that these losses would have been recovered if these properties were insured.

According to him, about 30 major markets, nationwide, were gutted by fire between 2015 and January with huge resources lost to these unexpected outbreaks.

“It is worthy of note that the ugly incidents coupled with lack of penchant for mitigation through insurance have continued to deplete the nation’s wealth.

“Most of the victims are in the entrepreneurial class who are great contributors to the nation’s Gross Domestic Product (GDP).

“So, it would be wrong to continue to watch without mitigation in terms of insurance cover for property within the major markets.

“The federal and state governments should enforce compulsory insurance for major markets and public buildings across the country as enshrined in the legal provision under Insurance Act 2003.

“We use this medium to again call on government to embark on aggressive assets protection through public enlightenment about risk prevention and control in major markets in Nigeria”.

Thomas said that he, on behalf of the insurance industry, commiserated with the fire victims, especially those affected in the popular foodstuff markets on Ugboro Road in Benin, Edo State.

He said that the industry also commiserated with victims of the fire outbreak that killed two traders at the Kaduna Railway Station Fruits Market, Kaduna, on Monday.

“We also commiserate with the victims of fire in Iron Rod Market, Agodi in Ibadan, Balogun Market in Lagos and in other parts of the country,” he said