Nigerian Insurers Association (NIA) has called on government at all levels to enforce compulsory insurance policy in markets and public buildings across the country.
Mrs Yetunde Ilori, Director-General, NIA, made the call in an interview with the News Agency of Nigeria (NAN) on Tuesday in Lagos.
Ilori said that it is high time local governments in charge of allocation of market spaces, collection of rents and some other services include insurance to their fees.
She said that governments must prioritise and include insurance policies in their guidelines during allocations.
“Where the entire markets come together and their risk is assessed; it goes beyond that, but to give recommendations based on the assessment.
“There would be recommendations by the insurers that the government is expected to consider,” she said.
According to her, recommendations provided by the insurance companies will include nearness of fire fighting equipment and other risk prevention measures.
The director-general said all laws and policies established to support the growth of the economy, including insurance should be enforced.
She lauded the Lagos State Government for its promptness at domesticating the law affecting the builders’ liability, especially with the enforcement process still ongoing.
She explained that the state government was working with NIA to ensure that all the necessary tools, in terms of monitoring, ease of access to policy, among others were put in place.
“We are working on all that. We believe that in no time, especially now that the elections and all other things that were causing distractions were over, it’s now time we get back to the policy for implementation”, she said.
Ilori expressed optimism that once a state implements the policy and people see the success rate, others would follow suit.
According to her, incidences such as fire outbreaks and building collapse have been reoccurring across the country, therefore insurance must be enforced to compensate losses.
The director-general stated that the government could not continue to use funds earmarked for economic development to compensate victims of disasters.
She noted that such funds should be diverted by the government, private entities and individuals to pay premium cover for life, infrastructure and other general insurances, for claims payment in case of any loss.
According to her, such initiative is in line with global practice and has contributed to the growth of advanced economy.
