For the insurance industry to contribute significantly to the economy, there is a need for the government at all levels to provide the needed support to operators.
But the National Insurance Commission (NAICOM) and operators are worried about the government’s levity and unwillingness to insure public assets.
The Commission, at the commencement of a partnership process with the Katsina State Government for the enactment of state laws to domesticate compulsory insurance, urged the state governments to ensure adequate insurance of their assets.
The meeting was to discuss the enforcement and implementation of third-party motor and public building insurance.
Head of Corporate Communications and Market Development Department, NAICOM, Rasaaq Salami, at a national workshop on micro-insurance and Takaful organised in collaboration with Safe Sapphire Foundation in Abuja, said the #EndSARS protests, though unfortunate, highlighted the essence of insurance in risks mitigation. This, he said, should have served as a lesson to the government.
“Full implementation of compulsory insurances will help the government cushion the effect of recurring fire inferno in different markets across the states. These have caused so many economic losses to traders,” Salami said.