NCRIB commends FG’s approval of N9.24bn for group life cover

The Nigerian Council of Registered Insurance Brokers (NCRIB) has commended the Federal Executive Council (FEC) over the approval of N9.24 billion for group life insurance cover for civil servants for 2022 and 2023.

The group life insurance policy would provide cover for government officials in the Ministries Departments and Agencies (MDAs) as well as paramilitary and intelligence agencies.

The Deputy President of NCRIB, Tunde Oguntade, who spoke at the weekend on the development said the approval was an improvement in government commitment to the insurance industry.

He called on the government to show similar concern towards non-life products to ensure all its assets are insured to enable the sector to contribute maximally to the economy

Oguntade posited that the insurance industry would continue to support and encourage the government in ensuring that both life and non-life assets are adequately covered by insurance.

The 2021/2022 group life premium paid by the Federal Government elapsed in September 2022, an indication that public workers had not been covered from October 1, 2022.

Life insurance operators interviewed on the matter said they would only grant cover when the premium is paid, which is in line with the ‘no premium, no cover’ policy.