reduce the effects of fallen buildings. Additionally, the panel also encouraged the government to always consider insurance when disbursing payments to farmers or traders as part of its poverty alleviation programs, claiming that this would ensure long-term corporate viability.
Sunday Thomas, the Commissioner for Insurance and Chief Executive Officer of NAICOM, emphasized this at a sensitization event for Kano State’s senior officials on the implementation and enforcement of mandatory insurances in the state, which was held over the weekend. According to Thomas’ statement, this would guarantee that the law’s requirements regarding the public structures to be insured against third-party liability as well as any buildings being constructed with over two stories be rigorously followed.
The NAICOM head explained the importance of having insurance. He said, “We must let Nigerians know that insurance is something you buy when you seem not to need it because it will be too late to buy it when unforeseen events occur.” The commissioner recommended the government to set an example by fully insuring its assets and obligations through sufficient insurance coverage.
In the meantime, according to a statement from the Commission, rules for insurance online aggregators are being developed which would be implemented shortly to improve the industry’s underwriting practices. Abiodun Aribike, NAICOM’s Deputy Director/Head, Information Technology, highlighted these remarks during the 21st Adetunji Ogunkanmi Memorial Foundation Lecture, which was hosted online, while pushing operators to adopt digitization. A web aggregator is an insurance middleman or insurance firm that collects and distributes updated data on insurance offered by various providers.
