Insurance brokers, Ogun partners on public building insurance, disaster management

Insurance brokers under its umbrella body, the Nigerian Council of Registered Insurance Brokers (NCRIB) and the Ogun State Government has agreed to work together to enforce relevant Acts on insurance of public buildings as well as disaster management.

These sections of the law, 64 and 65 of Insurance Act 2003 on Insurance of public buildings and disaster management both agree if enforced would create a more protected business environment, encourage investment and save government cost of asset replacement.

Adewale Oshinowo, commissioner for Finance, Ogun State while receiving the NCRIB delegation to the State secretariat alluded to the need of engaging insurance professionals in risk management.

Oshinowo stated that, it was expedient for the state, which pride itself the economic hub of the nation own to its proximity to Lagos, to partner with Insurance Brokers to win more investors mind.

He further alluded to the fact that government could be saved of unnecessary hassle of dolling out the meagerly acquired fund of the state to compensate victims of insurable disaster when insurance professionals could handle same at a very minimal cost.

He however enjoined Brokers to think out of box and be more creative in their product development that would directly impact lives of the masses.

Kayode Okunoren, the NCRIB President who led the Council’s delegation on the visit had earlier applauded the Ogun State government for the phenomenal human and physical transformation which has been recorded in the state since assumption of office of the present administration.

According to him, no nation could have sustainable economic development by making insurance its last consideration.

Funds from insurance constitute a large percentage of investible reserves of most progressive nations beyond the fact that it guarantees peace of mind which is germane to progress.

Okunoren regretted that the law on insurance of public buildings that was promulgated to protect citizens against losses was not adhered to by most states.

He therefore solicited for the support of the State on the area of compliance with respect to public building and a disaster management through insurance.