Insurance World

NCRIB Vows To Deepen Insurance Penetration, Calls For Enforcement Of  Compulsory Building Insurance Laws

L – R: Assistant Executive Secretary, the Nigerian Council of Registered Insurance Brokers (NCRIB), Mr. Tope Adaramola; Executive Secretary/CEO, Mr. Fatai Adegbenro; President, Mr Shola Tinubu; Honourary Treasurer, Mrs Ekeoma Ezeibe and Honourary Auditor, Mr. Tunde Oguntade at the 2019 first quarter Press Conference of the Council held recently in Lagos.
BY NKECHI NAECHE–-Poised to deepen insurance penetration in the country,  the leadership of the Nigerian Council of Registered Insurance Brokers (NCRIB) has said it will compliment the effort of the National insurance Commission ( NAICOM) in driving insurance penetration.
The president, (NCRIB), Mr Shola Tinubu, disclosed this at the quarterly media briefing in Lagos that the Council is quite aware of the desire of the National Insurance Commission (NAICOM) to drive insurance penetration in the country.
“This is commendable. While the entire industry operators are saddled with the task to make this vision come to pass, the NCRIB would soon be redoubling its efforts by making inputs into the initiative.
“We like to use this opportunity to appreciate NAICOM for its favourable disposition towards growing the industry and assure that our Council will continue to complement the Commission in this regards,” he added.

He also called on the government to give more impetus to the implementation of the enforcement of compulsory building insurance as enshrined in Section 64 and Section 65 of Insurance Act 2003.

According to him, the unfortunate incidences of collapse buildings are actually accentuated greatly by the lax of regulatory enforcement in the construction environment.

He called on the government to continually engage stakeholders in the construction built environment and related institutions to elicit their input for a long lasting solution to the malaise.

“In the light of recent building collapse in Lagos and Oyo State as well as other similar disasters, the NCRIB is quite touched. It is our belief that the unfortunate incidences are actually accentuated greatly by the lax of regulatory enforcement in the construction environment.

“To combat this, Government needs to be more proactive in implementing building laws. Also, they have to continually engage stakeholders in the construction built environment and related institutions to elicit their input for a long lasting solution to the malaise.

“While the Council commiserates with the victims of the building collapse, we like to use this opportunity again to call on government to give more impetus to the implementation of the enforcement of compulsory building insurance as enshrined in Section 64 and Section 65 of Insurance Act 2003.

“Similarly, Nigerians are also advised to, on their own, insure their personal assets in order to mitigate their losses when and if losses of this dimension do occur. Every individual should ideally live up to his responsibility of care by protecting whatever is valuable to him or her, both life and property. Our slogan has been :”Whatever is worth having, is worth insuring,” he said.

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