Association demands compulsory insurance for markets, public buildings

Nigerian Insurers Association (NIA) has called on the government at all levels to enforce compulsory insurance policies in markets and public buildings across the country.

In an interview on Tuesday in Lagos, Yetunde Ilori, NIA Director-General, said it was high time insurance fees were included in collecting rents for allocating market spaces.

She said governments must prioritise and include insurance policies in their allocation guidelines.

“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 the nearness of fire fighting equipment and other risk prevention measures.

The director-general said all laws and policies established to support the economy’s growth, including insurance, should be enforced.

She lauded the Lagos State government for its promptness in domesticating the law affecting the builders’ liability, especially with ongoing enforcement.

She explained that the state government was working with the NIA to ensure that all the necessary tools, in terms of monitoring and ease of access to policy, among others, were implemented.

“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 are over, it’s now time we get back to the policy for implementation,” she said.

Ms Ilori expressed optimism that once a state implements the policy and people see the success rate, others will follow suit.

According to her, incidents, such as fire outbreaks and building collapses, have been reoccurring across the country; therefore, insurance must be enforced to compensate for 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 the government should divert such funds from private entities and individuals to pay premium cover for life, infrastructure and other general insurance for claims payment in case of any loss.

According to her, such an initiative aligns with global practice and has contributed to the growth of an advanced economy.

(NAN)