Mandilas fire: NCRIB advocates assets’ insurance

The Nigerian Council of Registered Insurance Brokers, (NCRIB) has frowned at the poor attitude of the public toward insurance and commiserated with victims of the Mandilas fire incident in Lagos.

President of the Council, Prince Babatunde Oguntade, who spoke when he led a delegation of the Council to the fire incident scene, decried the untold hardship it had further brought on the victims, who are Nigerians.

Prince Oguntade noted that the magnitude of the losses could have been mitigated if the victims had adequately insured their assets and utilised the services of insurance brokers who are the professional intermediaries in the insurance value chain.

He advised Nigerians to imbibe the insurance culture for the mitigation of their exposure to risks.

Oguntade called on governments at all levels to pay more attention to the enforcement of existing laws on compulsory insurance to help protect human and material assets, as well as grow the insurance industry.

“It remains inexpedient for governments to continually seek to provide palliatives for victims of calamities. Instead, they could assist encourage or assist them to pay insurance premiums, to enable them to make claims that would be consistent with the volume of their losses when they occur, the NCRIB President noted.

He underscored the roles of the insurance brokers in educating insurance clients about the benefits of insurance while also acting as their dependable allies in the event of claim payment.