Insurance

FG backs insurers on compulsory policies

The Federal Government has assured insurers that it will ensure compliance with compulsory policies in the country.

The Minister of Finance, Budget and National Planning, Dr. Zainab Ahmed, said this during the 50th anniversary and commissioning of the new Insurers House of the Nigerian Insurers Association in Lagos on Thursday.

The event was attended by government officials, chieftains in the insurance industry and other stakeholders in the financial sector.

She said, “We have also keyed into the Market Development and Restructuring Initiatives of the National Insurance Commission, which was developed to promote compulsory insurance products and increase penetration by ensuring compliance with group life insurance of civil and public servants.

“In addition, government is also deploying resources and engaging various stakeholders, including state governments, to ensure that it domesticates insurance laws and improve the business of insurance in the states.”

The minister, who was represented by Aliyu Ahmed, congratulated the NIA, the National Insurance Commission and the entire insurance industry for achieving the edifice which would further help to boost the image and visibility of the industry.

To engender trust and entrench insurance culture among the public, she said it was important that insurance firms paid their claims promptly.

“Let me assure you that the Federal Government will continue to support the insurance industry and indeed the entire private sector. We appreciate and will continue to support all these important sectors,” she said.

The Commissioner for Insurance, Mr Sunday Thomas, congratulated the Nigerian insurers for making the industry proud with the edifice.

Lagos State Governor, Babajide Sanwo-Olu, commended the insurance sector for its swift response on claims settlement from losses that emanated from #EndSARS protests.

The governor, who was represented by the Commissioner for Finance, Lagos State, Rabiu Olowo, said, “The swift response of the consortium of underwriters in indemnifying the State Government as a result of loss suffered, speaks to the essence of taking up insurance policies, and the progress that have been achieved in improving the process and procedure with regards to payment of claims.”

The Chairman, NIA, Mr Ganiyu Musa, thanked the Federal Government for its support to the insurance industry.

He said, “Let me equally use this opportunity to restate that the association and indeed the entire insurance industry will continue to support the government to achieve its vision of building a resilient and robust economy.

“This iconic secretariat building which has been christened Insurers House represents an audacious effort to reposition the insurance industry and it signposts the far-reaching positive changes in the insurance trajectory.”

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