The former Commonwealth Secretary-General, Chief Emeka Anyaoku, has called on the government and insurance industry practitioners to enforce insurance laws for overall interest of the public.
He said this at the unveiling of new identity of IBN Limited in Lagos. He noted that the government in its wisdom to protect members of the public and the economy from some forms of losses, enacted laws which make the procurement of certain insurances compulsory.
“I like to refer to two examples: Insurance of Buildings above two (2) Floors under Construction and Insurance of Public Buildings – Sections 64 and 65 of the Insurance Act 2003. We must ask the question, what is the level of compliance with these insurance procurement requirements? I understand that the general response is that not much is happening in this regard.
“I believe that both the insurance industry and the government need to do more on this in the overall interest of the public, especially as we read in the media from time to time of collapses of buildings under construction,” he said.
He posited that the important role of insurance in promoting enterprise and development of any nation is not in contention, adding that at this stage of Nigeria’s economic development, it is appropriate to ask: are the enterprises in Nigeria taking the optimal advantage of insurance to promote and protect their businesses?
“I believe that the general response is that while multinational companies, large scale indigenous commercial businesses, some Federal and State Governments agencies embrace insurance, majority of the Small and Medium Scale Enterprises who need protection most are yet to proactively engage insurance to protect their resources and assets,” he said.
Anyaoku said it is important that Small and Medium Scale Enterprises in Nigeria which should be the drivers of the country’s economic growth and development should in their own interest practice enterprise risk management which includes risks transfer to traditional insurance companies with the advice of a professional insurance broker.