Nigerian Bulletin
Lagos State governor, Raji Fashola on Tuesday implored insurance regulators to ensure full penetration of insurance companies into the market business activities for the benefit of the nation.
Fashola, who said this at the official commissioning of NEM Insurance PLC Head Office in Lagos, said that this would be of immense benefit to Nigerian traders whose goods were often burnt in fire outbreaks .
According to him, traders with insurance cover won't have to worry when their goods are burnt during market fires as the insurance company will cover up for them.
The governor said the increasing cases of fire outbreaks in markets were of great concern to the government as the victims of the fire outbreak always fall back on government for assistance which should not be so.
``We want the insurance industry to take over and actualise the objectives they were established to achieve,'' Fashola said.
``I am happy that references were made to insurance industry in other domains like South Africa and United Kingdom that contributed 15 per cent and more to their GDP but in Nigeria insurance industry only contributes less than one per cent to the GDP," the Commissioner for Insurance, Mr. Fola Daniel said
According to the Commissioner, the country’s insurance industry needs rapid transformation.
#Nigeria #Insurance #Fashola
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