Concerned about the level of economic losses resulting from market fire incidents across the country, insurance brokers have called for a strategic policy that would make major markets in Nigeria have compulsory insurance.
Brokers under the umbrella of the Nigerian Council of Registered Insurance Brokers (NCRIB), said the consequence of these unfortunate developments to many of the victims, most especially those without insurance cover, remains horrific.
“Our Council had since commiserated with the victims, especially those affected in popular foodstuff market on Ugboro Road in Edo State, Iron Rod Market, Agodi in Ibadan and Balogun markets in Lagos and other parts of the country, said Ayodapo Shoderu, president, NCRIB.
Shoderu, who spoke at Council’s February Members Evening stated that these ugly fires incidents coupled with a lack of penchant for its mitigation through insurance have continued to deplete the nations’ meagerly managed wealth as most of the victims constitute a significant chunk of the entrepreneurial class, who are contributors to the nation’s Gross Domestic Product (GDP).
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“We use this medium to again call on the government to embark on aggressive asset protection through public enlightenment about risk prevention and control in major markets in Nigeria.
“Let me reiterate the call for compulsory insurance of all Nigerian markets and public edifices as enshrined in the legal provision of Insurance Act 2003 (section 64 and 65) of insurance of public buildings,” he said.
Speaking on national issues, Shoderu pointed out that Nigeria is at another crucial junction in its existence as a nation, given the forthcoming general elections.
“All over the world, elections or politics are a great determinant of national economic and political advancement and whatever happens at the realm of polity affects all other facets of the national economy, of which the insurance industry is a critical component.
According to him, “this is why we must do all within our means as practitioners to ensure we have a robust polity. Whilst challenging all our members to exercise their franchise by going out en masse to vote for candidates of their choice, I like to also appeal to politicians or political actors to eschew any form of violence.
“I must counsel politicians to always embrace insurance, during or after electioneering periods. Recent cases of attacks within the political circles have undoubtedly left us without any other option than insurance in mitigating loss of lives and properties,” Shoderu stated.
He said it’s a known fact that the electioneering period is characterised by high-level exposure to diverse human and material risks and this could be mitigated if the political class factors insurance into their plans and expenditures.
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