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| Daniel |
Chuks Udo Okonta
The Commissioner for
Insurance Fola Daniel has once again emphasized the importance of insurance in
national development stating that it is the brain box that engenders growth and
sustenance.
Daniel disclosed
this in an interview with a national daily, adding that insurance is the only
sector that exists so that all other human endeavours can prosper and continue
to exist.
“Let me tell you
this. Insurance is the only sector that exists so that all other human
endeavours can prosper and continue to exist. Imagine we have 10 textile
industries and three of them got burnt. If there is no insurance in place, you
are going to have loss of jobs, arising out of stoppage of production.
“We are going to
have loss of revenues to government because when the factories are not
producing, they cannot be taxed. However, as a result of operation of
insurance, we are able to bring back these industries; they are able to
continue production at minimal interruption; so employment is not lost and
revenue to government is not lost as well,” he said.
He noted that there are businesses that people hitherto will not touch at all if there is no insurance in place. “They are just too risky to venture into. But as a result of the availability of insurance, people can go into diverse businesses. Insurance therefore is truly the brain box of economic development and sustenance,” he added.
The Federal Government seems to have realised this, prompting it to beamed search light on the industry for creation of jobs, economic growth and developments.
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