LAGOS – The President, Nigerian Council of Registered Insurance Brokers (NCRIB), Mr. Ayodapo Shoderu, has called for compulsory insurance of all markets and public buildings in the country.
Shoderu made the call at NCRIB Member’s Evening organised by Industrial and General Insurance (IGI) Plc.
He said the incessant outbreak of fires at such places coupled with lack of mitigation through insurance cover had continued to deplete the nation’s wealth.
“Permit me to reiterate the call for compulsory insurance of all Nigerian markets and public edifices as enshrined in the legal provision under Insurance Act 2003 (section 64 and 65) of insurance of public buildings.
“We use this medium to again call on government to embark on aggressive asset protection through public enlightenment about risk prevention and control in major markets in the country.
He urged governments to embark on massive aggressive asset protection through public enlightenment on risk prevention and control in markets across the country.
Shoderu warned members to ensure discipline kn the conduct of their business adding that any member who violated the law wiuld receive appropriate punishment.
“I must stress that it will be most difficult for me or the Governing Board to henceforth defend any member who violates the law or directive on insurance broking operation. ”
He said it was regrettable that the Council had continued to receive an avalanche of complaints about some ethical brokers losing businesses to those who continually cut rates or quote uneconomic rates.
“This trend is killing to the brokerage profession and must be condemned in its entirety.
“It is the intention of the Council to continually promote high ethical standards, seeing it as the only way the present generation of professionals could bequeath a sound and solid profession to next generation” he said.
In his speech the Group Managing Director of IGI, Mr. Rotimi Fashola called for government patronage of insurance services. and prompt payment of premium.
According to him government and its agencies have been paying lip service to the importance and benefits of insurance.
“There is hardly sufficient budget provision for payment of insurance premium by government and its agencies.
“Therefore, when insurance services are patronised, payment of the premium becomes an issue, a clear negation of the provisions of the law on `No premium, No cover’.
“ Many insurance policies contracted by the MDAs in the past were not renewed, thus leaving the assets exposed to risk, damage and losses without insurance protection” he said.
Fashola urged government to cultivate the habit of seeking the input and contribution of insurance professionals and experts to relevant government policy decisions.
“It is also important that insurance practitioners are considered for appointment into the governing boards of companies, parastatals and agencies where risk management considerations are relevant” he emphasised
