Ogun, NCRIB to enforce building insurance policy

The Ogun State Government is collaborating with the Nigerian Council of Registered Insurance Brokers to enforce relevant Acts on insurance of public buildings.

According to a statement on Sunday, the state confirmed its readiness to partner insurance brokers in the area of disaster management and enforcement of Sections 64 and 65 of Insurance Act 2003 on insurance of public buildings.

It stated that the Commissioner for Finance, Ogun State, Mr. Adewale Oshinowo, while receiving the NCRIB delegation to the state secretariat alluded to the need to engage insurance professionals in risk management.

In view of the incessant building collapse and other forms of disasters across the nation, the commissioner stated that it was expedient for the state to partner insurance brokers to win more investors.

He said that the government could be saved the unnecessary hassle of giving out funds to compensate victims of disaster when insurance professionals could handle same at a very minimal cost.

In the statement, he enjoined brokers to be more creative in their product development that would directly impact lives of the masses.

The President, NCRIB, Mr. Kayode Okunoren, who led the delegation on the courtesy visit, commended the state government for the human and physical transformation, which had been recorded in the state.

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

Funds from insurance, he added, constituted a large percentage of investible reserves of most progressive nations apart from guaranteeing peace of mind.

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

He therefore solicited the support of the state government in the area of enforcing the law on public building and disaster management through insurance.