Chiamaka Ajeamo
Although insurance is known to provide succor to people in times of adversities that lead to loss of lives, properties and business interruptions, the culture is yet to be accepted by majority of Nigerians.
This was the view of the Nigerian Council of Registered Insurance Brokers (NCRIB) as expressed by its president
Dr Mrs Bola Onigbogi.
The Council boss who spoke recently on the ongoing global pandemic, the recent bomb explosion in Akure, Ondo state and the Abule-Ado fire incident in Lagos, implored the government and Nigerians to embrace insurance as a safeguard against risks and calamities stressing that, insurance serves as an enduring solution to disasters in the world.
This is even as she emphasised the role of insurance brokers as an inevitable link between the insurance companies and policyholders as they assist clients to fully maximise their insurance policies.
Onigbogi equally used the opportunity to commend the decisive steps taken by the federal and state governments toward halting the spread of COVID-19 in Nigeria.
She stated that NCRIB specifically applauded President, Muhammadu Buhari for announcing the lockdown of Lagos, Abuja and Ogun State for 14 days, adding that the step was necessary to reduce the vulnerability of Nigerians to the dreaded virus through unbridled human mobility.
Onigbogi added that the various incentives announced by the government, including the provision of N15 billion for Lagos, Abuja National Centre for Disease Control (NCDC) were steps in the right direction in addition to the granting of three months moratorium to loans beneficiaries under the various programmes of government. She also said the two -month payment to beneficiaries under the TraderMoni are steps to cushion the effect of the stay at home order on the people and small businesses.
Onigbogi who lamented the devastating toll the virus had caused in terms of human losses and incapacitation as well as global business disruption stated that the pandemic had posed a challenge to the entire world on contingency planning against future occurrences.
Furthermore, she commiserated with the government of Ondo State over the explosion which rocked Akure where many were injured and properties worth millions of naira were destroyed.
In the same vein, she sympathized with the victims of the Abule-Ado fire disaster in Lagos where over 20 lives were lost with properties estimated at billions of naira perished.
Onigbogi while commending the Lagos State governor, Babajide Sanwo-Olu, for setting up a N2 billion relief fund to address emergency needs in the area, reiterated that the incident provides an auspicious platform to underscore the pivotal place of insurance in risk mitigation and control.
“Insurance is a business setup for other businesses to thrive. A payment of little premium to industry could have taken off the burden from the state government.
“It has often been the case that government will have to provide succor to victims of disasters, which actually should not have been if insurance was given its pride of place.
Hence, she stressed that deliberate efforts should be made on the part of government to encourage the embrace of insurance by the generality of the people for its enormous benefits to national economy and social stabilisation.
“For instance, the humongous amounts often doled out as bailouts to victims of disasters could have been preserved and utilised by government for other pressing needs in the society,” Onigbogi said.