• Saturday, April 20, 2024
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BusinessDay

Brokers want Oyo to compliment development with risk management

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Insurance will play a very critical role in complimenting the effort of government at realising infrastructure development and economic stability in Oyo State.

This is because insurance as risk management mechanism would assist the State government manage emerging risks, particularly now that natural disasters of flood were becoming a major concern in many parts of the country.

Laide Osijo, president, Nigerian Council of Registered Insurance Brokers (NCRIB), made the remark during a courtesy visit to Adedeji Adelabu, the Oyo State commissioner for Finance.

Adelabu noted that there was no better time to seek the collaboration of professionals and their bodies than now when the state government is embarking on massive infrastructural turn-around of the state for the long term benefits of the people.

Osijo commended the state government for the structural development of the state and noted that insurance was a complementary service to the government’s developmental efforts, assuring that working with brokers would give clients the advantages of getting the competitive rates from underwriters.

He noted specifically that the government had realised the place of risk mitigation and management of its numerous human and material assets and was ready to engage the services of qualified insurance professionals whom he conceded had the prerequisite skill to assist the government achieve its goals.

“The notion of self insurance which governments, including that of Oyo State always felt they could undertake on their own had failed severally, necessitating the need to cede such technical areas to the professionals.”

He disclosed that the state government, in conformity with the Pensions Act 2004 had put in the pipeline group life policies for its civil service and mandated clients of the government, especially those in the construction industry to ensure they insure their workers.