Stakeholders in the insurance industry have assured those affected by the explosion in Ibadan, Oyo State, that they would receive adequate compensation from their underwriters if they were insured.
The stakeholders who spoke to The Guardian, yesterday, expressed confidence that insured victims or their dependents would not be left alone but adequately compensated subject to the terms and conditions of their policies.
The explosion, according to estimates, has claimed about N50 billion worth of properties, rendering thousands of people homeless.
Reacting to the explosion, the President of CIIN, Edwin Igbiti, said: “We wish to sympathise and commiserate with the affected people, government and the entire residents of Oyo for the devastating explosion that rocked Ibadan recently.
“It is an unfortunate incident that was least expected. Hence, it is a time of pain, loss and misfortune for all those affected and the generality of the ancient city of Ibadan.”
According to him, even though most of the affected individuals and properties were not adequately insured, which will make it difficult for the insurance industry to render the necessary assistance and relief, the development could still aid, trigger and initiate the necessary collaboration, enforcement and understanding that are required for effective hedging against similar risks.
“However, any insured that has an insurance policy amongst people involved in the carnage will be surely settled based on the terms and conditions of the policy issued and purchased,” he said.
The President of the Nigerian Council of Registered Insurance Brokers (NCRIB), Babatunde Oguntade, in his message of condolence to Gov. Seyi Makinde urged Nigerians to patronise duly-licensed insurance brokers for professional counseling in buying insurance products.
He said due to the complex nature of insurance contracts, policyholders are served better by brokers who understand the nitty-gritty of the business.
“An insurance broker ensures that a comprehensive analysis of the individual or business is carried out to identify the insurance needs and advise accordingly. For any individual or corporate body to enjoy the maximum benefit in the insurance value chain, they need to engage the services of insurance brokers who are professional consultants focused on providing optimum guidance to them.
“The insurance broker understands the rudiments of insurance, and as such, would sit with a prospect, debrief the prospect, understand what exactly his business is and how it operates, and then provide a report on the possible insurance policy or policies required,” he said.
