The National Insurance Commission NAICOM, is leaving no stone unturned to ultimately reach the point when the 11 compulsory insurances will become a major embrace of all stakeholders and all the risks intended to be covered will become the new insurance lifeline.
Addressing the importance the Commission attached to its implementation, the Deputy Commissioner for Insurance, (Technical), Dr. Usman Jankara, at a recent lecture in Lagos, said, “We have constituted an industry working group that is now helping to advice the Commission on how it can put in place the requisite framework that would allow us to enforce compliance. It’s a long journey and it’s going to take time but I just want to assure you that we will get there.”
“We were on five but now have 11 compulsory insurance products in the insurance industry. They are; Conventional Third Party Motor Insurance, Occupiers Liability, Builders Liability. We also have the Group Life Assurance, Government Assets and Employees are now compulsory to be insured, We also have Professional Indemnity for Healthcare Providers and the Compulsory Passenger Compulsory Liability Insurance in Aviation. Equally important is Import Insurance, Container Insurance that has been created and, Credit Life Insurance for those above N10 milion and the most pivotal of all, the Petroleum and Gas Stations and Product in transit Insurance.”
Another lift that has come from NIIRA he stated, is the creation of social security mechanisms. By this creation Jankara said social security is taken in a way as insurance intervention. “It created a fire service maintenance fund. It also created road accident victims compensation fund.”
These interventions in NIIRA he cleared, “are meant to show insurance as a social protection mechanism. It protects life and public infrastructure and reduces the burden on government in times of disasters and enhances public safety and welfare.”
