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Chuks Udo Okonta
The Chartered Insurance Institute of Nigeria (CIIN) has said any insured that has an insurance cover amongst those that are involved in the carnage in Ibadan would be adequately compensated subject to the terms and conditions of the policy issued and purchased.
The President of CIIN Edwin Igbiti, said this while reacting to recent explosion in Ibadan.
He noted that as an Insurance Institute, “we wish to sympathize and commiserate with the affected people, Government and the entire residents of Oyo State on the devastating explosion that rocked Ibadan recently. It is really an unfortunate incident that was least expected. Hence, making it to be a time of pains, loss and misfortune for all those that are affected and the generality of the ancient city of Ibadan. Kindly accept our heart felt sympathy.”
He submitted that despite the fact that majority of the affected individuals and properties were not adequately insured, which will make it difficult for the Insurance sector to render the necessary assistance and relief that they are known for at a time like this, the development can still aid, trigger and initiate the necessary collaboration, enforcement and understanding that are required for effective hedging of similar risks, through and with insurance, in the event of such occurrence.
“Notwithstanding the above, any insured that has an insurance cover amongst those that are involved in the carnage will be adequately compensated subject to the terms and conditions of the policy issued and purchased,” he said.
