The Commissioner for Insurance, National Insurance Commission, Mr Sunday Thomas, in this interview with NIKE POPOOLA, speaks on efforts to drive inclusion and capacity of the sectorlosses occurred nationwide from the lootings and wanton destructions that emanated from #EndSARS protests. Lagos alone is estimating losses in billions of naira. Is the insurance industry capable of paying these claims?
The only thing I just want to say is that the business world, the individuals should learn and see insurance as a fallback position for them. There is nothing to worry about. What they want is that are the assets properly insured? Yes. In terms of premium paid, yes. If that is the case, there is nothing to worry about.
Remember, insurance is part of the economy first and foremost. Then, two, the best you can do to protect existing assets is to guard yourself against things that will totally take away your assets from you and that is insurance. And if you insure in terms of recession, I assure you that once the recession is over, you can still come back to business. And that is what it is. I don’t think that should be a big challenge to anyone.
For us, microinsurance in financial inclusion generally is the way to go. Financial inclusion is going to help us and it is going to drive penetration. I believe that with the way we are going about it, things will get better. We are trying to rejig the entire guideline to be more realistic. Insuretech adoption by the insurance sector had hiccups because of issues that concerned regulations from other regulators in the financial sector. To what extent has NAICOM been able engage other regulators to enable underwriters to explore all electronic means to drive insurance growth?
We will be quite heavy in creating awareness, selling the benefit of insurance on a wholesale basis. We will be visiting all the states. Plans are already on if we can get an appointment with the governors.
To those who are insured. Majority, i bet, aren't. I hope many would learn from the effects of the protests. Insurance must be enforced in every facet of life. The benefits far outweigh the disadvantages.
This is only for Insurance covered losses. Insurance is a business enterprise, not charity. The government is liable for losses not covered by the insurance. This headline is misleading pls
A good one.
Will it cover the lives of the deceased 😔
Who do Nig this kind thing.... Let waite for the lab results of this...
But can they bring back the lives🤔🤔
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