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Chuks Udo Okonta
The Nigerian Insurers Association (NIA) has expressed deep concern over the delay in the release of budgetary allocations to Ministries Departments and Agencies (MDAs) for renewal of 2025 insurance policies.
The Chairman of NIA Kunle Ahmed, sais this at the association’s quarterly media briefing held recently in Lagos, stating that operators are deeply concerned that the delay in releasing funds may result in government workers and assets remaining uninsured, leaving them vulnerable to financial losses in the case of unforseen events
He noted that some MDAs insurance coverage has already expired, leaving them without protection, adding that others are reportedly pleading with insurance companies to maintain coverage while they await the release of funds.
He submitted that the request for maintaining of coverage cannot be accommodated by any insurance company as doing so would be against the ‘No Premium, No Cover’ rule, which the National Insurance Commission (NAICOM) has been strictly enforcing since 2013.
Ahmed said the industry awaits the release of the allocations to ensure continuity of cover and adherence to the ‘No Premium,No Cover’ principle.
He maintained that continuous protection of government’s human resources and assets, which potential can contribute to the economic development of the country, remains the priority of of the insurance industry.
