• Tuesday, July 16, 2024
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BusinessDay

Govt could save funds on disaster management through insurance

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Huge funds and other economic resources spent by government on disaster management could be channelled to infrastructure development and other areas of the economy if government and its agencies could embrace insurance, analysts have said. This they believe is an international best practice that has been adopted by most developed economies and should be replicated here in Nigeria.

Ayodapo Shoderu, president, Nigerian Council of Registered Insurance Brokers (NCRIB) said the the continual neglect of the insurance industry in disaster management had continued to deplete the resources of our government at the various levels as well as limited the relevance of the insurance industry and its contributions to the nation’s Gross Domestic Product.

“In advanced and advancing climes, the insurance industry is allowed to cushion the effects of disasters on the victims rather than for government to allocate monies to meet such needs.”

Shoderu stated that insurance should begin put its acts together and be more proactive in following up with the campaign for relevance with government institutions and other strategic stakeholders.

Determined to continue to promote professionalism and high ethical standards among insurance brokers, the Nigerian Council of Registered Insurance Brokers (NCRIB) has reiterated that it would spare no available opportunity to chastise charlatans practitioners.

The council, apart from stringent registration procedure and robust induction programme for new members under its Membership Committee, disciplinary and investigation committees have been reinvigorated for unbiased decisions on cases brought before them, Shoderu noted.  Shoderu explained that the council would not fold its arm to allow its members disenfranchised, so is engaging National Insurance Commission (NAICOM) on a very silent but robust and result oriented discourse over the recent deregistration of some of the council’s members.

The issue would be fully resolved, as following the Council’s intervention, NAICOM has invited some of the deregistered brokers to update their registration and commence operation.

“According to him, the Capacity building initiative of the Council has been up scaled to underscore the imperative not only for continuous learning but also to create and sustain a learning organisation.

The Chief Executive Officers and other Principal Officers Retreat has continued to add value to members in terms of both technical and soft skills acquired by members, as the last retreat held in Abeokuta themed “Winning Corporate Bids” was quite instructive as searchlight was beamed on critical requirements for bid submissions.”

Realising the compelling need to manage the existing cordial relationship with the National Insurance Commission (NAICOM) in particular, and the other industry’s constituent bodies, the Council has strengthened her relationship with the commission, the Nigerian Insurers Association and the Chartered Insurance Institute of Nigeria. It is heart-warming that the council has continued to receive the commission’s cooperation in reducing unwholesome practices in the industry.

While NAICOM has maintained a good stand as arbiter between insurance brokers and underwriters, it has also continued to facilitate adherence to ethics and professionalism through collaboration with the council on implementation of the NCRIB Act.