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Chuks Udo Okonta
The Nigerian Council of Registered Insurance Brokers (NCRIB) has called on the Federal, State and Local Governments to solicit insurance input in their policies to forestall financial wastages.
Its President Kayode Okunoren, who disclosed this in Lagos, said governments often bundle themselves with financial commitments which ordinarily should be passed on to insurance operators.
He noted that insurance remains one of the financial management strategies that must be factored into genuine economic revival development initiatives, stressing that it is worrisome that many of the nation’s assets are uninsured by government through its ministries and agencies, despite the promulgation of the law on compulsory insurances.
The NCRIB boss posited that there could not have been a better time to raise the issue of insurance of nation’s national assets than now, in view of the present administration’s disposition to prudence in management of the nation’s resources.
“It is our take that inputs should be solicited from the insurance industry in the government’s economic policies. As it is today, many of the nation’s assets are uninsured by government through its ministries and agencies, despite the promulgation of the law on compulsory insurances.
“We must not forget that aside from providing investible funds, insurance is one of the financial management strategies that must be factored into genuine economic revival development initiatives,” he said.
He said the council hopes to commence a sensitisation campaign under the slogan, “National Risk Alert” to continually draw attention of government to its risk exposures, stressing that the NCRIB under his leadership will ensure that all necessary strategic engagements are done to further enhance the growth of insurance in Nigeria, as well as increase the relevance of Insurance Brokers
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