The Progressive Shareholders Association of Nigeria has urged the insurance operators to be straightforward in their dealings and not undercut their services in order to gain advantage against each other.
The National Coordinator, Progressive Shareholders Association of Nigeria, Mr Boniface Okezie in an interview with News Agency of Nigeria (NAN) also task federal government on policies that would aid to deepen insurance penetration in the Nigerian market.
He said that the government must come up with a law that would make it impossible to build storey buildings or own vehicles without insurance.
“While the law prescribes insurance for storey buildings, it is only the government that can enforce its compliance, because it owns the police and other security parastatals that can enforce compliance.
“This will enable the insurance firms to aggressively market their products to the owners of the buildings and make sure that they comply with the rules.
“Also, if you are a driver in Nigeria, either by third party or comprehensive, it is compulsory that you insure your vehicle,” he said.
He, however, projected a brighter future for the sector, urging the insurance operators to be straightforward in their dealings and not undercut their services in order to gain advantage against each other.
Also, Mr Shehu Mikali, National President, Constance Shareholders Association of Nigeria, urged NAICOM to assist the industry by ensuring that all government infrastructure and assets are insured.
” The Government, through its agencies, should set an agenda and also invest its quota in the insurance sector.
“Even the Local Government authorities must also ensure that all markets within their locality are insured ,” he said.
According to him, this will encourage policy takers in other quarters to follow suit and the insurance companies will no longer have to solely depend on the oil and gas sector for patronage.
Mikali also advised the regulator to beam its searchlight on the insurance operators and composition of the Board of Directors of the firms, and to ensure competence and transparency in their appointment.
He advised the operators to collaborate with the Federal Road Safety Corps (FRSC) in charge of inspecting insurance cover to ensure compliance by vehicle owners.
“The operators should develop a digital code that enables the FRSC officials to verify the authenticity of an insurance cover presented, ” he said.
According to him, insurance operators must also be mandated to develop data-based programming monitored by NAICOM that enables a policy holder to send an alert on payment of their premium as and when due.
“NAICOM has been campaigning for ‘no premium, no cover’, but this can only be monitored through data-based programming, ” he said.
(NAN)
