Connect with us


NAICOM to enforce compulsory insurance scheme in South-East



The National Insurance Commission (NAICOM) on Wednesday in Enugu said it would soon commence the enforcement of compulsory insurance cover for people in the South East of the country.

Mr Cliff Chukwuani, Head, South-East Zonal Office, NAICOM, who disclosed this to our correspondent, said it was a way of making the people of the region to register for insurance cover.

Chukwuani said that the enforcement was part of its core mandate to ensure that Nigerians abide by its compulsory insurances as stipulated under Insurance Act 2003.

He explained that the compulsory insurances were those made mandatory by the Nigeria law, and urged the people of the zone to obtain the insurance cover, as enforcement would commence after May.

According him, the five compulsory products are Motor third party Insurance meant to ensure the safety of third party road users, because the government made it compulsory for citizens and residents to have motor insurance before plying on public roads.

“Others are Employer’s liability/workmen’s compensation insurance, Group life assurance, Health Care Professional Indemnity insurance, Occupiers Liability insurance or insurance of public buildings.

“They are compulsory insurances and very soon, we are going to embark on massive strict enforcement under the law, because ignorance to the law will not be an excuse,” he said.

The zonal head noted that the perception and participation of people in the region to insurance business was very low in spite of its enormous benefits.

He said that NAICOM Enugu office was the only one in the South East, but added that plans were underway to open offices in other states within the region.

“It is my desire to unleash something for them to know the value of insurance companies; it will not cost them much to cover their life, property and businesses,” he said.

Chukwuani, while further emphasising the need to create massive awareness about the insurance business in the region, noted that the beauty of insurance cover was that when risk occurs the person would be placed back to his/her former position prior to the loss through indemnity.

“Aside your business, you can insure your building against fire, storm and flood. Last year almost all parts of the nation were flooded with billions of naira loss, imagine if they were insured, people won’t cry,” he noted.

latest news in nigeria today 
2021 ripples

Alex Enebeli

NEWSVERGE, published by The Verge Communications is an online community of international news portal and social advocates dedicated to bringing you commentaries, features, news reports from a Nigerian-African perspective. A unique organization, founded in the spirit of Article 19 of the Universal Declaration of Human Rights, comprising of ordinary people with an overriding commitment to seeking the truth and publishing it without fear or favour. The Verge Communications is fully registered with the Corporate Affairs Commission of the Federal Republic of Nigeria as a corporate organization.



Shell Digital Plan RESPONSIVE600x750
Shell Digital Plan RESPONSIVE600x750