CIIN appeals to states to insure government’s assets

Temowo

Chuks Udo Okonta

The President Chartered Insurance Institute of Nigeria (CIIN) Bola Temowo, has called on leadership of the states in the country to secure adequate insurance coverage for their people and properties to mitigate risks.

He spoke in Benin City the Edo State Capital, stressing that the significance of insurance in the life of the nation cannot be over emphasized, especially these trying times, fraught with several risk factors for both individuals and corporate bodies.

“I wish to seize this opportunity in appealing to the Edo State Government and others, to see the insurance industry as a worthy partner in progress. Adequate Insurance coverage of Government assets on a yearly basis cannot be overemphasized.

“Let me also state that the No- Premium- No Cover regulatory requirement, places a burden of responsibility on the parties to the contract of Insurance to ensure that all Insurances are in force through prompt payment of premium,” he said.
He noted that insurance play an important role in the national growth and development, adding that it is envisaged that the current record of Nigeria’s insuring population would receive a boost and improve the Industry’s profile in global ranking.

“Available records indicate that 86.6 Million Nigerians have no form of Insurance, while 1.3 Million adults, representing 1.5 per cent of the entire Nigerian adult population maintain some category of formal Insurance cover. The Nigerian Government envisions an Insurance Industry which can turn its fortunes around to rank amongst the twenty largest markets in the world by the year 2020 from the current ranking of being the 60^th in the World reckoning,” he said

He also urged risk managers to increase their tempo on campaigns for insurance awareness to get more Nigerians to embrace insurance with minimal compulsion.