Abubakar, who made this known in an interview, however, said efforts were on to ensure that the premium was paid to the brokers to enable them pay beneficiaries of the deceased.
He appealed to the next-of-kins of the deceased soldiers affected, to be patient, assuring that they would receive their payments soon.
He said: “We have Group Life Insurance Policy for our soldiers and it covers those who died in active service. The policy was given to brokers accredited by the Defence Ministry.
“All premiums have been paid except 2013 premium, but we are making efforts to ensure that we pay the premium to the brokers so that they can begin to pay claims to the affected beneficiarie
“The leadership of the military is very concerned because the welfare of the military is very compulsory. We are trying to solve the problem within the shortest possible time,” he said.
Earlier, the Minister of Finance, Mrs. Kemi Adeosun, said the Federal Government is owing insurance industry cumulative premium in excess of N10 billion.
She said the government was conscious of its debt to the sector and would endeavour to offset outstanding premiums as soon as the economic situation improves.
“The government, meeting its responsibility of paying premiums to some extent is a challenge; you will also agree with me that there is a serious situation in the country in terms of revenue that accrues to government.
“The tasks ahead are onerous and it is the expectation of government that the Nigerian insurance industry should wake up to its responsibilities and as a potential growth area of our economy, it must accept the challenges of change.
“It must surmount its timidity, shape up and contribute to the turnaround of the economy. It must contribute positively to the Gross Domestic Product (GDP) and the creation of employment. It can achieve these by cleaning itself of the bad eggs within itself and by improving its services to its consumers.”
Commissioner for Insurance, Alhaji Mohammed Kari, also said the industry has made frantic efforts at recovering the Federal Government’s outstanding premium owed to the insurance companies.
Kari said the Commission is looking at reviewing Federal Government insurance policies to meet the desired requirement of insurance.
Source: The Nation