“As an industry, we stand in full solidarity with the victims during this painful time, and we extend our prayers and support to the affected business owners as they navigate this challenging period; Our hearts go out to everyone affected by the fire outbreak at the Calabar Spar Mall. Watching the destruction of vibrant businesses and livelihood assets in a matter of hours is truly heartbreaking.”
This soothing statement was the response of the Chairman of the Nigerian Insurers Association (NIA), Mrs. Ebelechukwu Nwachukwu, on behalf of the Governing Council and the entire insurance industry, to the fire incident at the Calabar Spar Mall, but this serves only as heartfelt sympathy and solidarity to the victims, business owners, employees, the Government, and the people of Cross River State.
Much more than sympathy statement, Mrs Nwachukwu pushed for comprehensive insurance embrace, “Incidents of this magnitude underscore why insurance is not an optional luxury, but a vital economic shield. Rebuilding after a catastrophic loss without insurance coverage places an overwhelming financial burden on enterprise owners.
The loss and destruction of hard-earned investments, goods, and critical infrastructure at the mall represent a severe setback, not only for the affected individuals and families but also for the economic vitality of Calabar and Cross River State as a whole. According to her, while safety protocols and preventative measures are critical, comprehensive insurance protection, including commercial fire, special perils, and business interruption policies, serves as the ultimate defence against financial ruin when losses occur.
Mrs. Nwachukwu, also the Managing Director of Rex Insurance Limited, emphasized the urgent necessity for individuals, MSMEs, and large enterprise owners across Nigeria to prioritize risk management and embrace insurance as an essential safety net against unpredictable disasters.
She noted that fire outbreaks, equipment failures, and unforeseen operational disruptions remain persistent hazards to business continuity.Therefore, “We strongly urge every individual, trader, property owner, and corporate entity across the country to secure adequate insurance coverage to protect their assets, ensure swift recovery, and safeguard their financial future against unforeseen events,”.
The NIA Chairman also assures policyholders affected by the incident that NIA member insurance companies are prepared to expedite claims verification and settlement processes to support early recovery efforts of the victims.
She reaffirmed the Association’s commitment to working alongside regulatory authorities, disaster management agencies, and private enterprise stakeholders to promote risk awareness and foster a culture of insurance security across Nigeria.
