Insurance

Compliance to compulsory insurance still very low – Kari

Kari

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Chuks Udo Okonta

The level of compliance to compulsory insurance in the country is still very low, the Commissioner for Insurance, Mohammed Kari, has said.

He said this yesterday at the Insurance Industry Consultative Council (IICC) training on compulsory Insurance in Abuja, stressing that the National Insurance Commission (NAICOM) will continue to support any effort aimed at promoting compliance with extant laws.

Kari maintained that compliance with the laws on compulsory insurance will go a long way to mitigate the adverse exposure to disaster by individuals with access to public places.

“To the economy, the government would not have to bear the burden alone during catastrophic events such as natural disaster, fire accident thereby saving the government money which can be channeled to augmenting the needs of the citizenry, providing infrastructures and creating employment among others,” he said.

He said the Commission is making efforts to relaunch the Market Development and Restructuring Initiative (MDRI), adding that an awareness campaign is being run concurrently in the media to better inform the general public of the respective compulsory classes and their benefits.

The NAICOM boss posited that the Commission has stated reaching out to state Governments to domesticate laws on compulsory insurances to enable easier enforcement within their jurisdictions. He added that when this is successfully accomplished, it will drive penetration and contribution of insurance to the Gross Domestic Products (GDP) of the country.

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