The National Insurance Commission, has got off the starting block of robust insurance engagement with the government of Ekiti State that will integrate insurance purchase in many fields of human endeavour.
The Commissioner For Insurance, Olorundare S Thomas, set out to establish insurance as the maiden of life and economic activities when the top echelon of the National Insurance Commission visited the Governor of Ekiti State, Dr John Kayode Fayemi, and unveiled the full length of “The State And Enforcement Of Compulsory Insurances.”
As Thomas stoke the insurance appeal to the state government and the citizens, he reiterated that the financial services industry “is central to the growth and sustainable development of any nation and state because of its direct impact on access to finance, catalyst to improved income, poverty reduction and stability in the financial system.”
With this expression ahead, NAICOM boss said insurance as a subset of the financial services industry, “is a pivot to guarantee the sustainability of growth and development of the state and its people.”
“We have therefore noted the necessity to plant ‘insurance’ and ‘people’ at the centre of any equation that tends to create, enhance, sustain and manage growth and development in any economy,” he stated.
Thomas noted that human activities have associated risks and in spite of every precautionary measure to avoid the occurrence of losses or damages, “the unexpected still occur.”
He stated that the losses lead to sufferings which in many cases might lead to total impoverishment of a large proportion of those affected.
“To ameliorate the situation of victims, laws have been put in place for an arrangement that will ensure that victims and especially third parties are adequately compensated,” he stated.
The Commission helmsman said the compensation for third parties and the independent compartment of relieving the government of the avoidable burden of compensation from the meagre wallet of the government, “led to the enactment of various laws on compulsory insurance products.”
NAICOM chieftain urged Governor Fayemi to collaborate with the Commission as it starts from Ekiti on series of programmes aimed at a nationwide massive public public enlightenment with respect to compliance with the laws on compulsory insurances.