NAICOM seeks Gombe State support on compulsory insurance

The National Insurance Commission (NAICOM) has appealed to the Gombe State Government to kick-start the process of domesticating compulsory insurance laws.

The Commissioner for Insurance, Mohammed Kari, who made the appeal yesterday during a courtesy visit to the State Governor, Ibrahim Dankwambo, at the Government House, sought his support and collaboration in the implementation and enforcement of compulsory insurance products across the state.

He explained that the Commission intends to establish a mutually beneficial relationship with the state, stressing that the collaboration will result in increased insurance penetration and written premium income for the industry, while also creating another veritable source of Internally Generated Revenue (IGR) for the state.

“We are not unmindful of the fact that the laws establishing these products are federal laws, but they can easily be domesticated by the States and enforced within their respective boundaries. We therefore would want to appeal to the Gombe State Government to spur the process of domesticating these laws if it has not already done that especially in respect of buildings under construction and public building insurances for easy enforcement.

“Our proposed collaboration will hopefully stem the proliferation of fake insurances in the state and ensure the people enjoy the benefits inherent in the consumption of genuine insurance products.

“Another very disturbing issue Your Excellency is that of apathy to insurance by Government and its agencies at all levels. We have discovered that most government fails to insure their assets and property even when funds are provided in the budget for it. This has become something of great concern to us in NAICOM and I want to use this medium to solicit the support and understanding of His Excellency in ensuring that the government of Gombe State provides adequate insurance for its assets and property,” he said.

Kari said that the Commission had established a dedicated committee to assist various governments in insuring their assets and property accordingly. He added that the committee would be ready to work with the state once the governor gives his nod to the request.