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Chuks Udo Okonta
The Nigerian Council of Registered Insurance Brokers (NCRIB) has implored Federal Government to include insurance cover for markets among compulsory insurances.
The President of NCRIB, Rotimi Edu, said this in a Television Interview, adding that instead of government compensating owners of burnt shops in market places with meagre amount insufficient to restore their losses, shop owners should be encouraged to embrace insurance to mitigate fire incidents and other form of losses.
He said the essence of insurance across the globe was to mitigate losses and restore policyholders to the position they were before the incident that led to the loss.
He noted that lockup shops and big market places across the country should be brought under the compulsory insurances, adding that compulsory insurances were long overdue for implementation and enforcement and that policies were made compulsory to add value to the life of people but the acceptance was poor.
