The National Insurance Commission (NAICOM) said it is currently persuading state governments across the nation on the need for compliance with compulsory insurances.
The Commissioner for Insurance, Mohammed Kari, who stated this at the ongoing seminar organized by NAICOM for Business Editors and Insurance Correspondents in Abeokuta, Ogun State, noted that, compliance and enforcement of the compulsory insurances is key to promoting insurance adoption, acceptance and profitability.
As part of plans to enforce the Market Development and Restructuring Initiative (MDRI), he said the commission is partnering relevant agencies as well as State governments to ensure that public assets are valued, assessed and insured.
According to him, “We have taken the campaign to state governments to see how we can enforce compulsory insurances. Doing is at the state level will open up several opportunities that will be to the benefit of the the states as well as the insurance industry.”
He noted that discussions are already going on with some state governments on the need to adopt compulsory insurances, of which Ogun State is part of, adding that the commission will extend such crusade to other states of the federation, as this would ensure that the motive of the MDRI is achieved.
Our motive is to ensure that all the 36 states, including the Federal Capital Territory (FCT) comply with these insurances, he stressed.
Kari added that the commission is equally discussing with insurance market operators, to see how the industry can be expanded using other additional channels to sell insurance products and services,noting that all stakeholders are seriously working to deepen insurance market, in a bid to contribute more to economic growth of the country.
Ogun State Governor Senator Ibikunle Amosun, who was represented by the Commissioner of Commerce and Industry, Otunba Bimbola Ashiru, urged NAICOM to ensure that insurance companies live up to their responsibilities, adding that failure to observe their duties would be inimical to the public.
He also called on journalists to educate the public on the benefits of insurance to their daily activities.