Fed Govt urged to set-up national flood insurance programme

Fed Govt urged to set-up national flood insurance programme

Chuks Udo Okonta

The Chairman Nigerian Insurers Association (NIA) Remi Olowude, has called on the Federal Government to set-up national flood insurance programme to help mitigate losses that stem from flood disaster.

Olowude, who spoke at his investiture in Lagos, said the programme has become necessary due to losses thrown-up by the flood mishap witnessed this year. He noted that presently, there is no flood rating guide in the country to help measure risks associated to flood.

He said the association under his leadership, would colloborate with the government and relevant organisations to promote insurance, adding that insurance awareness will be driven through sponsorship of insurance essay competition among schools, strengthening of Chartered Insurance Institute of Nigeria (CIIN) syllabus to raise esteemed professionals.

Commissioner for Insurance Fola Daniel, who was represented by Deputy Commissioner Finance and Administration George Onekhena, urged the new leader of NIA to live up to the confidence reposed on him, adding that he has taken over the leadership of the association at a time when the government expects more from the industry.

He said: "The Chairman of the NIA has come at a time when the government is expecting more development in the insurance sector, he has come at a time when government wants insurance as a tool for job creation and a period when the industry should take its place in the scheme of things"

He called on underwriters to esteem the virtue of self-regulation, adding that the National Insurance Commission (NAICOM) dues would be made easy when the operators regulate their activities properly.

Daniel called on operators to adhere to the rules of No premium No Cover, adding that the industry can never grow when it takes risks without payment of premium.