The Federal Executive Council (FEC) has received praise from the Nigerian Council of Registered Insurance Brokers (NCRIB) for approving N9.24 billion for group life insurance coverage for government personnel for the years 2022 and 2023.
Government employees working for Ministries, Departments, and Agencies (MDAs), as well as paramilitary and intelligence organizations, would be covered by the group life insurance policy.
The clearance, according to NCRIB Deputy President Tunde Oguntade, who discussed the development over the weekend, marked a stronger government commitment to the insurance sector.
He urged the government to treat non-life products with the same consideration and to make sure that all of their assets are protected so that they can contribute as much as possible to the economy.
According to Oguntade, the insurance industry will keep helping and enticing the government to make sure that both life and non-life assets are fully insured.
The Federal Government’s payment for the 2021–2022 group life insurance premium expired in September 2022, indicating that public employees were not protected as of October 1, 2022.
Operators of life insurance who were questioned on the subject stated that they would only provide coverage when the premium is paid, in accordance with the “no premium, no cover” policy.
