Amosun calls for improved insurance awareness

…..as NAICOM persuades States on insurance adoption

L-R: Mohammed Kari, Commissioner for Insurance, and Otunba Bimbola Ashiru, Ogun State Commissioner of Commerce and Industry on Friday in Abeokuta.

Governor Ibikunle Amosun, of Ogun State on Friday charged the National Insurance Commission (NAICOM) and the media to embark on improved insurance awareness to sensitise Nigerians on the need to insure.

Amosun, who was represented by Otunba Bimbola Ashiru, Ogun State Commissioner of Commerce and Industry, at the ongoing seminar organised by NAICOM for Business Editors and Insurance Correspondents in Abeokuta, Ogun State, lamented the low level of insurance penetration in the country but believed the media and NAICOM still have a lot to do.

He noted that insurance business thrives on integrity and that operators must ensure that integrity becomes their watch word.

Otunba Bimbola Ashiru, however, urged NAICOM to ensure that insurance companies live up to their responsibilities, adding that failure to thoroughly supervise these entities would be inimical to the public.

He also tasked the commission to improve its supervision to ensure that insurers do the needful in terms of adherence to all provisions in insurance guidelines.

He charged NAICOM officers in charge of supervision of underwriting firms not to compromise as defaulting firms will always want lure the officers in a bid to cover their misdeeds by offering gifts or other attractive incentives.

He then urged insurers to always meet their claims obligations since it is the essence of their setup.

Earlier, Mohammed Kari, Commissioner for Insurance and Chief Executive Officer of National Insurance Commission (NAICOM), said the regulatory body is currently persuading state governments across the nation on the need for compliance with compulsory insurances.

Kari, noted that compliance and enforcement of the compulsory insurances are key to promoting insurance adoption, acceptance and profitability.

As part of plans to enforce the Market Development and Restructuring Initiative (MDRI), he said the commission is partnering relevant agencies as well as State governments to ensure that public assets are valued, assessed and insured.

According to him, “We have taken the campaign to state governments to see how we can enforce compulsory insurances. Doing this at the state level will open up several opportunities that will be of benefit to the states as well as the insurance industry.”

He noted that discussions are already going on with some state governments on the need to adopt compulsory insurances, of which Ogun State is part of, adding that the commission will extend such crusade to other states of the federation, as this would ensure that the motive of the MDRI is achieved.

Our motive is to ensure that all the 36 states, including the Federal Capital Territory (FCT) comply with these insurances, he stressed.

Kari added that the commission is equally discussing with insurance market operators, to see how the industry can be expanded using other additional channels to sell insurance products and services, noting that all stakeholders are seriously working to deepen insurance market, in a bid to contribute more to economic growth of the country.