NAICOM sensitizes MDAs on adequate insurance coverage for government assets, liabilities

Zainab Iwayemi

The National Insurance Commission, NAICOM has commenced an awareness program to sensitize various ministries, departments and agencies (MDAs) on the importance of insurance and how it can help protect government assets and liabilities in the event of loss.

The Commissioner for Insurance, Sunday Thomas disclosed this during a workshop on Market Development Restructuring Initiative, MDRI project in Abuja. The workshop was launched by NAICOM in 2009 with the aim of creating awareness on insurance products that are compulsory as well as educating the public on the benefits of insurance to policyholders and the economy.

NAICOM boss said that the sensitization workshop is aimed at equipping insurance desk officers with the necessary tools that will ensure all MDA’s are well covered so as to curb wastage resulting from uninsured assets in line with the provision of section 7 (d) of the NAICOM act 1997 which spells out that the commission shall ensure adequate protection of strategic government assets and other properties as well as section 7 (f) of the act which provides that the commission shall have adequate protection of strategic government assets and other properties.

Thomas pointed out that as much as NAICOM has the responsibility of disseminating key messages to foster compulsory insurance, the government and other agencies also shares the responsibility as well. “We relied on government ministries, departments and agencies to help domesticate the initiative in their respective offices and perhaps, serve as the primary vehicles for enforcement of compulsory insurance in their various MDAs to ensure that the government gets value for money in the purchase of insurance MDAs.

“It is very worrisome to the commission that most assets and liabilities of government are never adequately and appropriately insured, which further accentuated the need for urgent measures to be put in place by the commission to ensure that the government gets value for money in the purchase of insurance by MDAs. It is the desire of NAICOM to change this narrative for good” he said

Meanwhile, recent times have seen agencies and organizations reinforce on activities that will deepen insurance awareness in Nigeria. The senate is reviewing the insurance statute that will compel compulsory insurance of the public and private building as well as the sensitization of insurance officers at the MDA as a way to prepare them for the new dispensation that is hoped to drive insurance penetration high.