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Chuks Udo Okonta
President, Muhammadu Buhari has commended the Nigerian insurance sector for the provision of life insurance cover for 5,000 frontline health workers helping in the fight against COVID-19 pandemic.
Buhari gave the commendable today in his address on the cumulative lockdown order of Lagos and Ogun States as well as the Federal Capital Territory on COVId-19 pandemic at the State House, Abuja, stressing that the government has procured insurance cover for 5,000 frontline health workers.
“In keeping with our Government’s promise to improve the welfare of healthcare workers, we have signed a memorandum of understanding on the provision of hazard allowances and other incentives with key health sector professional associations.
“We have also procured insurance cover for 5,000 frontline health workers.
“At this point, I must commend the insurance sector for their support in achieving this within a short period of time,” he added.
Meanwhile, the insurance sector is excited that their effort is being appreciated at the highest level of authority.
The Chairman, Nigerian Insurers Association (NIA), Tope Smart, said they are happy that for the first time, their role is being appreciated.
He stated that the recognition will further spur them to do more.
He said the sector has always played major roles in the economy but this is the first time they are getting a presidential recognition.
He said they look forward to more partnership with the Federal Government in developing the country.
The Nigerian Insurance Industry supported the Federal Government by providing N11 billion life insurance cover to the frontline health workers employed in the fight against COVID-19.
According to the Acting Commissioner for Insurance, Sunday Thomas, the cover will enable families or named beneficiary of any medical doctor that dies in the line of duty to claim N3 million; Pharmacists/Nurses N2 million and others N1 million.
He said the premium which is in the sum of N112,500,000 for the cover has been fully paid by the Nigerian Insurance Industry in line with the principle of No Premium No Cover, stressing that a total of 19 Life Insurance companies have been accredited to provide the Cover.
Thomas posited that the cover is for a period of 12 months effective April 14, 2020 and that in event of any fatality, the relevant agencies of government will immediately advise the lead Underwriter – FBNInsurance Limited who will make request for relevant documents needed for payment of the claim.