NAICOM flags-off public enlightenment campaign on compulsory insurances

Despite the disruptive impact of Covid-19 pandemic, the National Insurance Commission (NAICOM) has lived to its promise to resume public enlightenment campaign in the country on the benefits of insurance.

For that reason, the Commissioner for Insurance, Mr. Olorundare Sunday Thomas, led top officials of the Commission and other stakeholders in the insurance industry on a campaign to Ekiti State.

In his presentation Thomas said ‘The State and enforcement of compulsory insurances’ l am delighted and honoured by the acceptance of His Excellency, the Executive Governor of Ekiti State, Dr, John Kayode Fayemi to meet with the representatives of the National Insurance Commission on courtesy visit that seeks to address areas of mutual benefits for the state, the people of Ekiti state and the Nigeria insurance industry.

According to him, it is imperative to reiterate that the financial services industry is central to the growth and sustainable development of any nation and state because of its direct impact on access to finance, catalyst to improved income, poverty reduction and stability in the financial system.

As a subset of the financial services industry, insurance industry is a pivot to guarantee the sustainability of growth and development of the the state and its people.

In consequence of the losses the victims are prone to sufferings which in many cases may lead to total impoverishment of a large proportion of those affected. To ameliorate the situation of the victims, laws have been put in place for an arrangement that will ensure that victims and especially third parties are adequately compensated.

Your Excellency, you are please invited to note that relevant Laws of the Federal Republic of Nigeria have made the following Insurances mandatory:

a) All Buildings under construction that are more than two (2) floors (Builders Liability);

b) All Public Buildings including Schools, Offices, Hotels, hospitals, Markets (Occupiers Liability)etc;

c) Group Life Insurance for all Employees of both Public and Private Sectors;

d) Professional Indemnity for all Medical Practitioners and

e) Third Party Motor Vehicle Insurance in respect of death, injury or damage to the property of third parties.