The Fire Offices Committee (FOC) – a technical arm of the Nigerian Insurers Association (NIA) has lamented losses arising from increasing fire outbreak in both public and private institutions in different parts of the country.
The committee therefore advocated the enforcement of the compulsory insurances in order to minimize these losses.
Chairman of the committee, Soji Oni, in reaction to recent fire incidents in different parts of the country said the primary and traditional role of insurance is to provide financial relief to insured victims who have suffered losses due to the consequences of uncertainties such as fire.
He said that losses resulting from collapsed buildings either at the stage of construction or occupation bring physical sorrows, fears and pains resulting from outright loss of property and valuables.
According to him, there is need to enforce the compulsory insurances by sensitization of the insuring public on sections 64 and 65 of Insurance Act 2003 and other compulsory regulations and enforcement of compliance.
He said that the public are not taking advantage of the compulsory policy to protect themselves against unexpected risks.
According to chieftains of the industry, every outbreak of fire poses serious threat to the national economy, as it leaves in it+s wake enormous material damages, injury to persons, disruption of economic and commercial activities of the people affected.
The economic implications of these losses, insurers believe the ideal alternative is for Nigerians to buy insurance policy and transfer this burden to the insurers, who are the professional risk bearers.