BY NKECHI NAECHE-ESEZOBOR—Tony Elumelu, Chairman, Heirs Insurance Group has called for the passage of insurance bill 2020 to drive the implementation and enforcement of all compulsory insurances in the country.
Elumelu, who is also founder, Tony Elumelu Foundation, said this at the just concluded National Insurance Conference 2023, organized by National Insurance Commission (NAICOM) with the theme: Redefining Safety: Insurance Solutions For Public Buildings and building under construction, held today at Abuja Continental Hotel, Abuja.
According to him the passage of the bill will result in increased insurance penetration and contribution of industry to the nation’s GDP.
“We need stronger punitive enforcement measures for people that avoid contractors’ insurance in construction to ensure that due process is followed and in the event of any unforeseen incidents, insurance is there to act as a risk mitigant.”
He said the commission must work with relevant government bodies to ensure compliance and enforcement of the provisions of the laws governing insurance.
The bill when passed to law is expected to address the problem of non-insurance of vehicles, tricycles and motorcycles, public buildings and rate-cutting, among others etc.
As it stands today, it is believed that the insurance industry and the Federal government are losing in excess of N1.5trillion to non passage of the bill.
It would be recalled that the process for reviewing the Insurance Act 2003 has been ongoing for 12 years.
Though it was passed by the ninth Assembly but was never assented to by former President Muhammadu Buhari.
With the 10th National Assembly set for legislative duties and their hands already on deck to ensure it’s passed and signed by President Bola Ahmed Tinubu.
