NAICOM boss solicits media support for industry campaign on insurance awareness

The Commissioner for Insurance and Chief Executive, National Insurance commission (NAICOM), Mr Olorundare Sunday Thomas, has appealed to media practitioners in the country to support the campaign of the industry to educate the public on the importance and benefits of insurance to their lives and property.

Speaking at a seminar held during the weekend organized by the Commission for media practitioners in Uyo Akwa Ibom State, he explained that insurance is the engine room for any economy to survive, therefore there is need to continuously educate both the public and government on the need to insure their life and property.

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The Commissioner thanks the journalist and their media houses for their support of the industry, but regretted that insurance penetration in Nigeria is less than one percent, the industry seek your support to bring insurance awareness to all nooks and crannies of the country, he said.

On a visit to Ekiti State in continuation of the campaign. Thomas said “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.

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