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Insurers urge govt to insure assets, pay premium


image source Insurance-tricks-collections

image source Insurance-tricks-collections

WORRIED by government inability to honour promises made to respect insurance laws particularly in insuring assets and payment of premium, the nation’s insurance operators have renewed call on all tiers of government to obey the Occupiers Liability Insurance (Public Building) law and support the industry to carry the enormous risks in the economy.
The Commissioner for Insurance, Mohammed Kari, speaking at the inauguration of Insurers Committee in Abuja with the aim of significantly increasing insurance contribution to GDP, said “the insurance sector is indeed a key component of the Nigerian financial system considering that in most developed jurisdictions, the insurance sector accounts for a significant portion of the economy. As an emerging and transitional economy and in line with the change agenda of the Federal Government, the relevance of the insurance industry becomes more critical as a provider of capital, employment and security”.

The industry meeting which was attended by the Minister of Finance, represented by Kalli Zaji, Kari said “Government’s general attitude to insurance has to improve. There is low patronage of insurance by government and its agencies and the lack of effort to protect public assets. Even when it does, the funding is haphazard.”

According to him, it is common knowledge that the ability of government to replace damaged or lost asset is not as sound as it used to be, as such insurance is the best alternative to no protection at all. Employees, especially our gallant forces fighting in security challenges need to have the comfort of insurance protection as they confront their duties.

The NAICOM boss said, there is an apparent lack of insurance expertise in the civil service, as such government is not guided properly internally as it ventures to deal with the industry. The position of insurance is virtually non-existent in the civil service’s scheme of service, for the few insurance professionals are not placed properly to play their professional role.

On the agenda of the committee, Kari said that the insurers’ committee will provide a platform for all chief executives of insurance companies in Nigeria to sit with the regulator to discuss issues affecting the industry and proffer steps on developing the business of insurance with the goal of having an effective, efficient performance and improved contribution to the Gross Domestic Product (GDP) of the nation.

He said “As the country’s economy continues to develop, and with the attendant risks involved in economic expansion and growth, it is indeed imperative to consider the role of insurance as an important determinant to progress and development.”

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