NCRIB Tasks Nigerians On Insurance Adoption To Hedge Disaster

March 23, 2020
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The Nigerian Council of Registered Insurance Brokers (NCRIB) has called on Nigerians to take insurance policy as a priority to address unfortunate incidents in society.

The President of the council, Mrs. Bola Onigbogi, who described the recent explosion at Abule -Ado in Lagos as unfortunate, commiserated with victims and sympathized with those who lost their loved ones to the unfortunate incident.

Onigbogi said: “At a time like this, the heart of our council and the entire members go after those who lost their beloved families and valuables in the inferno.”

She said the incident provided an auspicious platform to underscore the pivotal place of insurance in risk mitigation and control.

The NCRIB president applauded Gov. Babajide Sanwo-Olu for setting up an N2 billion relief fund to address emergency needs in the area.

“This is highly commendable by the governor; however, insurance is a business setup for other businesses to thrive.

“A payment of little premium to the insurance industry could have taken off the burden from the state government,” she said.

According to her, in other climes, insurance normally provides succor to people in the event of adversity occasioned by the loss of lives and property such as the case at hand. Onigbogi expressed disappointment that Nigeria was yet to embrace insurance and give it a priority in the country. She noted that the government would not have had to provide succor to victims of disasters if insurance was given its pride of place.

“The council uses this opportunity to canvas that deliberate efforts should be made on the part of the government to encourage the embrace of insurance by the generality of the people.

“This is for its enormous benefits to the national economy and social stabilization.

“For instance, the humongous amounts often doled out as bailouts to victims of disasters could have been preserved and utilized by the government for other pressing needs in the society,’’ she said.

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