Government urged to insure public assets against unforseen situation

Underwriters are calling on the Federal and state governments to procure appropriate insurance contracts to protect government assets and liabilities spread across the country.

Apparently worried by the government’s levity and unwillingness to insure public assets, the professionals said the #EndSARS experience should serve as a lesson to all government agencies.

Stakeholders who spoke at an industry forum believed that both the National Insurance Commission (NAICOM) and the practitioner associations have brought pressure to bear on the government considering the large scale destruction of public and private properties running into billions of naira during the protest.

Consequently, they said, the experience should inspire the government at all levels on the need to ensure its assets and pay applied premiums promptly.

Speaking at a national workshop on micro-insurance and Takaful organised by Safe Sapphire Foundation in partnership with the National Insurance Commission (NAICOM) in Abuja, Head of Corporate Communications and Market Development Department, NAICOM, Rasaaq Salami, said the protests, though unfortunate, highlighted the essence of insurance in risks mitigation.

Salami said: “We believe that if the destroyed properties are insured, the insurance companies will pay the appropriate claims to them.

“If the government will support insurance and adequately ensure that government assets and liabilities are adequately insured, the issue of government dipping hands into its coffers to compensate victims would not arise.

“Our advice, and we will continue to stress it, is that the government should ensure that their assets, properties, and liabilities are adequately insured.”

He, however, pointed out that the essence of the summit was to reach out to MSMEs and educate them on the benefits of insurance to them as individuals as well as their businesses.

He said: “Majority of Nigerians don’t know about insurance and those who know don’t appreciate the benefits. We want to ensure that people are educated, and know what to do in terms of claim collection.