The National Insurance Commission, has started the relay collaboration with state governments to give insurance the prominence that will enrich the state and the sustainability of the Nigerian economy.
Commissioner for Insurance, Mr. Sunday O. Thomas, started another acceleration of compulsory insurance from the government grounds of Ekiti State, Ado Ekiti, requesting the buy-in of Governor Kayode Fayemi, who is also the chairman of the Governors Forum.
The prominence of the compulsory insurance banner was further established as Thomas requested Governor Fayemi “to domesticate the compulsory insurances in the state and create a structure that can be supported by NAICOM in the enforcement of the compulsory insurances.”
Craving for urgency, NAICOM helmsman, declares: “We therefore pray and recommend His Excellency’s nomination of agency of the government that will serve as liaison office with the Commission in this collaboration.”
He reiterates: “The nominated agency may be requested to work with the team of the state who shall be dedicated to this collaboration and recommend appropriate measure to domesticate the enforcement of the compulsory insurances in the state.”
Thomas also outlined the benefits of the collaboration to include, financial compensation to the families of the insured who may become victims of a disaster through loss of their properties or become disabled in event of occurrence of insured accidents/disasters.
He reawakened the benefits of group life insurance policy made compulsory by the Pension Reform Act 2014, which emboldens the workforce to stick with the line of duty fully aware that his/her dependants have been provided for in the event of the unexpected.
The Commission czar also another stated the double benefits, the creation of employment opportunities and, provision of grants and fire-fighting equipment for the states’ fire services by NAICOM from the fire fund as stipulated in the Insurance Act 2003.
The transfer of risk to insurers would also translate to reduction in the government expenditure in event of disaster by shifting the burden to the risk-bearers, and, free insurance and risk management education and enlightenment programme for the citizens of the state.
Good for the state Thomas noted, is creation of additional source of internally generated revenue for the state in collaboration with relevant ministries and agencies.
These are the compulsory insurances; all buildings under construction that are more than two (2) floors (builders Liability); and all builgings including schools, offices, hotels, hospitals, markets (occupiers liability).
In the same fold is group life insurance for all employees of both public and private sectors and; professional indemnity for all medical practitioners and, third party motor vehicle insurance in respect of death, injury or damage to the property of third parties.