Government at all levels must provide operators with the necessary assistance if the insurance sector is to make a substantial economic contribution.
But the government’s lax attitude and refusal to cover public assets worries the National Insurance Commission (NAICOM) and operators.
The Commission advised the state governments to provide appropriate insurance of their assets at the beginning of a cooperation process with the Katsina State Government for the domestication of compulsory insurance.
The purpose of the conference was to go through third-party auto and public buildings insurance enforcement and execution.
Rasaaq Salami, the head of NAICOM’s corporate communications and market development department, stated at a national workshop on microinsurance and Takaful, which was held in Abuja in conjunction with the Safe Sapphire Foundation, that despite being regrettable, the #EndSARS protests highlighted the importance of insurance in risk management. This, he claimed, ought to have taught the authorities a lesson.
The government would be able to lessen the impact of recurrent fire inferno in various markets across the states with the full implementation of mandatory insurances. These have cost traders a great deal of money, according to Salami.
