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NCRIB Stresses The Benifits Of Insurance Cover Against Fire Disasters


The President, Nigerian Council of Registered Insurance Brokers, Mr. Ayodapo Shoderu, has stressed the benefits of having insurance cover against fire disasters.

He said this while commiserating with victims of recent fire disasters in the iron rod market at Agodi, Ibadan and Balogun markets in Lagos.

Shoderu lamented the continuous loss of merchandise and property in many commodity markets in the country to fire disaster, noting that such loss could be better prevented and mitigated if the victims had embraced insurance.

According to him, the market fires had deprived means of livelihood and survival to several market men and women who expectedly were breadwinners of their families.

Shoderu opined that fire disasters had further depleted the national wealth as most of the victims constituted a significant chunk of entrepreneurial class who were great contributors to the nation’s Gross Domestic Product.

He said, “The NCRIB is pained by the loss and we seize this opportunity to underscore the need for adequate preventive measures against fire disasters. This is why the economy is not growing. Insurance is the last hope of humankind. If a loss occurs and insurance has been purchased, it puts the individual in better stead as if no loss was occurred. But where no insurance has been purchased, it causes a reduction in wealth by the amount of value of those insurable assets.”

Shoderu called on government to embark on aggressive asset protection through public enlightenment about risk prevention and control in major markets in Nigeria.

The council reiterated the call for compulsory insurance of all Nigerian markets and public edifices as enshrined in the legal provision under Insurance Act 1997 (section 64 and 65) of insurance of public buildings.

The NCRIB sympathised with victims of the twin-fire incidents where properties worth millions of naira were lost.

It implored individuals and corporate institutions to always conform to extant fire laws in public places as well as avail themselves of the benefits of insurance, particularly those relating to fire and property.

The NCRIB also advised politicians to embrace insurance especially at this crucial electioneering, citing cases of recent attacks within the political circles.

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

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