Insurance industry stakeholders have advocated far reaching strategies that that would enable the sector harness the potential of the industry particularly on the different compulsory insurance.
The strategies, which target to unlock compliance with the different policies under the 2003 Insurance Law and the Pension Reform Law 2014, is looking at multi-sectoral partnerships with public and private sector agencies.
At the breakout session of the recently concluded Insurance Industry Mega Conference held in Abuja, the
stakeholders including the insurers, the law enforcement agencies as well as organised private sector recognised the need to work together, create awareness, empowerment and lobbying to secure government support. They also frowned at the incidence of fake insurers, particularly motor third party insurance, which they argued would change the perception about the industry if the derivable benefits are made known to the public.
“Many people do not know that there are some benefits attached to having motor third party insurance outside police let me go, whereas there is third party damage on property and life. If people can be educated on this, nobody will go to patronise touts any longer, one of the participants at the conference stated.
Sunday Thomas, director general of the Nigerian Insurers Association, (NIA) said that the industry needs to move forward in other to achieve its goal of contributing to the nations GDP.
He also called on law enforcement agencies in the country to setup implementation framework to ensure proper implementation of compulsory insurances in the country, this he said will be reviewed at next year’s conference.
Speaking further on building liability insurance, the Assistant Commissioner of Police, Kayode Tuner, applauded the Lagos State government for the success it has recorded in the enforcement of building insurance.
He however called on the industry to work together with other State governments to ensure they enforce the compulsory building insurance law in their various states. There is the need for proper training of law enforcement agents to understand the rudiments of insurance business, Tuner requested.
Speaking further the Corp Commander, Federal Road Safety Corp, Angus Ibezim, faulted the Vehicle Inspection Officers (VIO) for the delay in enforce the compulsory motor insurance policy, according to him the VIO is responsible for the delay in enforcement of insurance policy.
He said third party insurance policies are mostly sold in all VIO offices in the country, and it is their responsibility to put up checks against fake documents.
The NIA Chairman, GUS wiggle however called on the law enforcement agents to work together with the industry to build a risk free country. In Nigeria today, five types of insurance are made compulsory under different laws, which government identify as necessarily good to enable people have peace of mind in pursuing their daily economic activities.
The five compulsory insurances under the law are: Group Life Insurance in line with the Pension Reform Act 2014; Buildings Under Construction-section 64 of the Insurance Act 2003; Occupiers Liability Insurance –section 65 of the Insurance Act 2003; Motor Third Party Insurance –section 68 of the Insurance Act 2003 and Health Care Professional Indemnity Insurance- section 45 of the NHIS Act 1999.
Before now, these compulsory insurances existed but were not enforced by past administrations in the National Insurance Commission, making the sector lose huge revenue that could have supported its growth and contribution to the general economy.