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NAICOM, Kano seal deal on adoption of compulsory insurance

By Bankole Orimisan
21 December 2021   |   4:06 am
The National Insurance Commission (NAICOM) has urged the Kano State Government to empower its joint committee on the implementation of compulsory insurance to consider to mitigate impacts of collapsed buildings.

Sunday Thomas

The National Insurance Commission (NAICOM) has urged the Kano State Government to empower its joint committee on the implementation of compulsory insurance to consider to mitigate impacts of collapsed buildings.

The commission also advised the government to always factor in insurance whenever it is considering disbursement of funds either to farmers or traders in its poverty alleviation programmes, saying this would guarantee business sustainability.

The Commissioner for Insurance and Chief Executive of NAICOM, Sunday Thomas, stressed this at the sensitisation programme for top functionaries in Kano State on implementation and enforcement of compulsory insurances in the state at the weekend.

Thomas, in a statement, said this would ensure that the provisions of the law regarding the insurance of public buildings against third-party liability and all buildings under construction above two floors are strictly adhered to.

The NAICOM boss said :”We must let Nigerians know that insurance is something you buy when you seem not to need it because it will be too late to buy it when unforeseen events occurs.”

The commissioner advised the government to live by example by ensuring that it adequately protects its assets and liabilities with appropriate insurance cover.

MEANWHILE, the Commission said it is working on guidelines for insurance web aggregators that would soon be introduced to aid underwriting practice in the sector.

The Deputy Director/Head, Information Technology, NAICOM, Abiodun Aribike, said this at the 21st Adetunji Ogunkanmi Memorial Foundation Lecture held virtually while urging operators to embrace digitisation.

A web aggregator is an insurance intermediary or an insurance company that provides information on insurance provided by different companies.

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