FG pledges adequate budgetary provisions for insurance of public assets

Cross section of dignitaries at the launch of insurance industry strategic plan at the event.

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The Federal Government has promised to make adequate budgetary provisions for insurances of all public assets in the country.

The Minister of Finance and Co-ordinating Minister of the Economy, Wale Edun, disclosed this today at the ongoing 2023 National Insurance Conference with the theme: ‘Redefining Safety: Insurance Solutions for Public Buildings and Buildings under Construction’ at Abuja, adding that the government would support all market development initiatives of the National Insurance Commission (NAICOM).

The Minister, who was represented at the event by the Permanent Secretary, Special Duties, Federal Ministry of Finance, Okokon Udo, underscored the role of insurance in economic development, stressing that government would continue to support the insurance industry to enable it attains its full potentials.

He called on insurance practitioners to esteemed trust which is the core of their business and change the public negative perception on insurance through prompt payment of claims.

The Senate President Godswill Akpabio, also pledged the Senate’s support towards the growth and development of insurance. He noted that the Senate would support the amendment of sections of the Insurance Act to bring it to current reality.

Akpabio, who was represented by Senator Darlington Nwokocha, the Minority Whip of The Nigerian Senate, called for collaboration amongst government, insurance operators and the public to ensure insurance is entrenched in its rightful place in the country.

Permanent Secretary, Special Duties, Federal Ministry of Finance, Okokon, also used the occasion to launched the insurance industry strategic plan and guidelines for insurances of government assets.

He submitted that the strategic plan and guideline would help both the government and insurance industry provide proper risk management in the country, stressing that the government would support the industry to achieve the set objectives.

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