A robust and fit-for-purpose insurance industry is capable of addressing the state of insecurity facing Nigeria, a UK-based lawyer and management consultant Kachi Okezie has said.
Okezie told journalists in Abuja recently that in advanced societies, the insurance industry is a major deterrent to negligence by both public authorities and the general public. "The insurance industry is well known for its powerful lobbies all over the world. In the UK, the industry has forced non-performing police chiefs from office for failing to curb rising crimes such as burglary which hurt the industry’s finances the most," Okezie added.
"Despite its avowed refusal for decades, to talk to the IRA, analysts believe the bombing of the City of London (the Square Mile), heart of the global financial centre and traditional home of Lloyds - the world’s premier insurer, marked the turning point which forced the government to the table, resulting in the peace process; all in response to pressure from the insurance industry who threatened to decline further pay-outs to victims," Okezie explained.
He said, "Imagine how differently government, the business community and individuals would behave were they under pressure from the insurance industry. People would think more about risk and compensation."
Source Daily Trust
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