Worried by the inability of the federal government and its agencies to appreciate the important role of insurance in mitigating losses in the economy, the insurance brokerage fraternity led by its associate body – Nigerian Council of Registered Insurance Brokers (NCRIB), is ready to storm the Presidency to sensitize the government to fully embrace insurance.
According to the NCRIB and its associates, this will encourage its agencies and other sectors to embrace insurance as a risk bearer in the economy.
A chieftain of the council said the high powered delegation would be led by the president in council, Dr. (Mrs) Bola Onigbogi, as part of the council’s sensitization program to deepen insurance in the country.
The Executive Secretary of the Council, FataiAdegbenro, made the disclosure while speaking to members of the National Association of Insurance and Pension Correspondents (NAIPCO) shortly after their 2020 Annual General Meeting (AGM) in Lagos.
He said the planned visit to the Presidency is aimed at sensitizing the government on the need to engage the services of the registered insurance Brokers, to protect the assets and liabilities of the government.
According to Adegbenro, “We will continue to engage the government agencies from time to time. But for the COVID-19, our President would have paid a visit to the Presidency with the view to sensitizing the government on the need to engage the services of the registered insurance Brokers, to protect the assets and liabilities of the government. It’s not only the assets you protect, you protect liabilities as well because there are a lot of loans being taken to execute government projects. When these projects fail, whether you like it or not you must pay back the loan, so you have to protect all these things.
“We are engaging the people to embrace the benefit of insurance because insurance is key. Insurance in other climes, nobody wait for the government. It’s very easy because people larch on ignorance to say government has not done this or that. Government cannot do everything even in the United States of America (USA). If they suffer loss, they don’t go to government, the people call on their insurance companies for compensation. We are doing everything to ensure we minimize reliances on government here,” he said.