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2015: Politicians Advised To Embrace Insurance


The Nigerian Council of Registered Insurance Brokers (NCRIB) has advised politicians to embrace insurance especially at this crucial electioneering period, citing cases of recent attacks within the political circles.

The President of NCRIB, Mr. Ayodapo Shoderu, made this call while commiserating with victims of recent fire disasters in Iron Rod Market, Agodi in Ibadan and Balogun market in Lagos

Shoderu pointed out that this period is characterised by high level exposure to diverse human and material risks that could be mitigated if the political class factor in insurance into their plans.

He said “Insurance is the last hope of any human kind. If a loss occurs and insurance has been purchased, it puts the individual in better stead as if no loss has occurred. But where no insurance has been purchased, it causes a reduction in wealth by the amount of value of those insurable assets.

He, however, called on government to embark on aggressive asset protection through public enlightenment about risk prevention and control in major market in Nigeria.

While an insurance company has designed a cover for politicians, the Independent National Electoral Commission (INEC) has indicated its intention to arrange comprehensive welfare insurance policy for political office holders in the country.

A cross section of insurance operators who spoke with Daily Independent, stated that the decision of INEC to arrange this insurance cover is a step in the right direction and that they were bracing up to render the service as soon as agreement is reached with the commission on the issue.

The comprehensive welfare insurance is a consolidation of insurance portfolios encompassing motor insurance, building insurance, all risk cover, legal liability insurance, transit insurance, cash in transit insurance, fidelity guarantee insurance, employers’ liability insurance, and business interruption insurance.

According to Daily Independent, it was revealed that INEC intends to arrange comprehensive welfare insurance policy for political office holders and that the commission had requested insurance companies and insurance brokers to express interest to provide cover and to manage the various insurance policies respectively.

In response to INEC’s call, the NCRIB advised its members to hurriedly express interest as required.

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