Early budget implementation good for insurance

Early budget implementation good for insurance

Chuks Udo Okonta

Early implementation of the budget would enable operators meet their projections the President Nigerian Council of Registered Insurance Brokers (NCRIB) Mrs Laide Osijo, has said.

She told Inspen that proper implementation of the budget would impact the industry positively, adding that operators performance would improve tremendously if premiums are paid as at when due.

She called on the government to put adequate compensation for the insurances of its properties, which have been made compulsory, adding that delay in implementation of the budget is affecting the insurance industry negatively

She said: “When proper premium is paid on group life scheme, there would be an increase in the income of insurance industry. We have been advocating early implementation of the budget. We have so many premiums that are outstanding due to late implementation of the budget.

“Premiums cannot be paid if the budget is not released. Therefore, if the budget is released on time, definitely, insurance companies would have their premium at the right time and all the risks would be covered adequately. No Premium No Cover policy is ignored, because of delay in the implementation of the budget. The delay in implementation of the budget is affecting the insurance industry negatively, if the government could implement the budget early and pay all necessary payments, insurance companies would benefit a lot.”