Abule-ado fire disaster: Insurance as enduring solution to disasters

The Nigerian Council of Registered Insurance Brokers has described as unfortunate the recent fire disaster that occurred at Abule Ado in Lagos State during which 20 lives were lost and properties estimated at billions of naira were destroyed.

The Council also said the incident also provided an auspicious platform to underscore the pivotal place of insurance in risk mitigation and control.

Bola Onigbogi, president of the NCRIB said the fire incident which was reportedly caused by an explosion of the NNPC gas pipeline in the area is another disaster and we sympathize with those who lost their loved ones to the unfortunate incident.

Onigbogi opined that “at a time like this, the heart of our Council and the entire members go after those who lost their beloved families and valuables in the inferno. She said the incident also provided an auspicious platform to underscore the pivotal place of Insurance in risk mitigation and control, particularly through Insurance”.

The NCRIB president applauded the Governor, Babajide Sanwo-olu for setting up a N2billion naira relief fund to address emergency needs in the Abule-ado Area. This is highly commendable by the Governor.

However, insurance is a business setup for other businesses to thrive. A payment of little premium to Insurance Industry could have taken off the burden from the state Government.

According to Onigbogi, in other climes Insurance normally provide succor to people in the event of adversity occasioned by loss of lives and properties such as the case at hand. However, we are yet to embrace Insurance and give it priority in our nation.

She further noted that it has often been the case that government will have to provide succor to victims of disasters, which actually should not have been if Insurance was given its pride of place.

The Council used this opportunity to canvas that deliberate efforts should be made on the part of government to encourage the embrace of Insurance by the generality of the people for its enormous benefits to national economy and social stabilization.

“For instance, the humongous amounts often doled out as bailouts to victims of disasters could have been preserved and utilized by government for other pressing needs in the society, noted Onigbogi.