NCRIB commiserates with Kano market fire victims, advocates mandatory insurance

Kindly leave a comment and share

Chuks Udo Okonta

The Nigerian Council of Registered Insurance Brokers (NCRIB) has expressed its sympathies to the victims of the recent fire outbreak that razed a major market in Kano State, resulting in the loss of goods valued at millions of naira.

In a statement released by the Council, the NCRIB President, Mrs. Ekeoma Ezeibe, lamented the recurring nature of market fires, noting that such disasters threaten the livelihoods of thousands of Nigerians and stifle economic growth.

A Call for Risk Management
Mrs. Ezeibe emphasized that the frequency of these incidents makes it imperative for the government and market stakeholders to move beyond reactive measures. She urged traders and vendors to embrace insurance as a vital tool for business continuity.

“Insurance remains the most effective risk management mechanism to cushion the impact of such calamities and help traders recover swiftly from devastating losses,” Ezeibe stated.

Leveraging the 2025 Reform Act
The NCRIB President further pointed to the Nigerian Insurance Industry Reform Act 2025 as a landmark piece of legislation. She encouraged Nigerians to leverage the provisions of the new law to safeguard their assets, noting that a more resilient economy is built on a foundation of robust risk protection.

While she commended the Kano State Government for its prompt promise of support and investigation, Ezeibe offered a candid perspective on public spending:

Asset Protection: With proper insurance policies in place, the financial burden of compensation would shift to underwriters.

Fiscal Prudence: Funds currently used by the government for “disaster relief” could be diverted to infrastructure and other developmental projects if a culture of insurance were established.

Strengthening Market Infrastructure
The Council concluded by calling for a collaborative effort between the government and private sector to:

Improve Infrastructure: Upgrade aging market facilities to reduce fire risks.

Enforce Fire Safety: Implement stricter safety protocols within commercial hubs.

Drive Awareness: Increase grassroots education on the benefits of insurance.

As Kano traders begin the difficult process of rebuilding, the NCRIB maintains that proactive risk mitigation—rather than total reliance on government intervention—is the only sustainable path forward for the Nigerian retail sector.