NCRIB Makes Case For Compulsory Building Insurance Enforcement

L-R: Assistant Executive Secretary, the Nigerian Council of Registered Insurance Brokers (NCRIB), Mr. Tope Adaramola; Executive Secretary/CEO, Mr. Fatai Adegbenro; President, Mr Shola Tinubu; Honourary Treasurer, Mrs Ekeoma Ezeibe and Honourary Auditor, Mr. Tunde Oguntade at the 2019 first quarter Press Conference of the Council held recently in Lagos.

By LOVETH AZODO, Lagos

….Vows To Redouble Efforts On Insurance Penetration

Despite the laws enacted in Nigeria on Building Insurance, so many contractors, owners of buildings are yet to take up insurance policy to mitigate risk that may arise by negligence which may result in death, bodily injury or property damage to workers on site or members of the public.

To this effect, The President, Nigeria Council Of Registered Insurance Brokers, Mr Shola Tinubu has called on the government to give more impetus to the implementation of the enforcement of compulsory building insurance as stipulated in Section 64 and Section 65 of Insurance Act 2003.

The Members of the fraternity has vowed to heighten its efforts to deepen Insurance Penetration in Nigeria by making inputs into the National Insurance Commission (NAICOM) drive to ensure maximum insurance penetration in the country.

In his address, today during the council’s quarterly media briefing held at the council’s secretariat, Lagos, Tinubu commiserated with the victims of collapsed building in Lagos and Oyo State.

However, He urged the Government on the need to be more proactive in implementing building laws adding that stakeholders are to be engaged continually in the construction built environment and related institutions to elicit their input for a long lasting solution to the malaise.

Tinubu who congratulated the President and the Vice President, His Excellency President Muhammadu Buhari and His Excellency Professor Yemi Osinbajo, respectively on their successful securement of second term tasked their administration on creating an improved enabling environment for business and professional growth.

He said ” As actors in the financial ecosystem, the NCRIB is using this platform to advise the government to inject fresh ideas into the running of the nation’s economy while at the same time sustaining the tempo of existing positive economic policies already put in place by the government. The reflation of the economy should be anchored on enhanced promotion of local capacity to reduce over dependence on foreign goods and services, and by so doing reduce the strain on the nation’s currency vis a vis other foreign currencies.”

“In specific terms, urgent attention must be paid to reducing poverty, which has as its bye product, unemployment and poor standard of living. While Nigerians are awaiting government to give more teeth to implementation of Oil and Gas reforms, power sector reforms and human capital development and redouble efforts in promoting agriculture, more attraction should also be given to the state of security in the country. Since insurance thrives more when the economy thrives, it is our believe that the industry will witness desired northward trend when the economy is on a sure sound footing.”

The President revealed that Aside meeting new faces and learning new things at the Biba conference scheduled May 15-16, 2019 with the theme “Leading the Way” the NCRIB delegation would also have the benefit of interacting with a team of professionals, two leading insurance institutions in the UK, namely: Aon and Lloyds Underwriters, who have consented to train the Nigerian delegation on strategic areas of practice while in the UK.