Insurance Will Guarantee Business Stability In Kano State – NAICOM

By LOVETH AZODO, Lagos

The Commissioner for Insurance, Sunday Thomas has assured the Governor of Kano State, Abdullahi Umar Ganduje that the implementation of compulsory insurances will guarantee business stability in the state.

The Chief Executive Officer of the National Insurance Commission (NAICOM) gave the assurance during a sensitisation programme for top functionaries in kano state on implementation and enforcement of compulsory insurances held recently in the state.

He lauded the governor’s swift approval on the commission’s request to set up a powerful joint committee on the implementation of the compulsory
insurances in the state.

According to him, the implementation of compulsory insurance in the state will create opportunity for creation of additional source of internally generated revenue (IGR) for Kano State, Reduction in government exposure in event of disaster that may affect the citizens of the state by shifting the burden to the risk-bearers (insurance companies), Financial compensation to citizens who may lose their properties or become disabled in event of occurrence of insured accidents/disasters etc.

Also, the Provision of assistance on Fire-Fighting Equipment for the State Fire Service, Job/employment opportunities for citizens of the state and Free Risk Management Education and Enlightment programs for the citizens of the state

However, Thomas urged the state government to set up a joint committee to consider the issue of collapsed buildings that have continued to be one of the problems in our big and major cities.

“The state agencies that approve and monitor construction should be given mandate to look into this matter and collaborate with other agencies like the Town Plannning Authority, Fire Service, Police etc and relevant professional associations like COREN some of which should also be co-opted into the Committee.”

“This will ensure that provisions of the law regarding the insurance of public buildings against 3rd party liability and all buildings under construction that are above 2 floors are strictly adhered to.”

In his optimism, he said “I have seen and the interest shown by the State Government, I know that the State Government will lead by example by ensuring that it adequately protects its assets and liabilities by effecting appropriate insurance cover.”