• Tuesday, July 23, 2024
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BusinessDay

Prevent losses to market fire, insurance brokers advise

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The Nigerian Council of Registered Insurance Brokers (NCRIB) in commiserating with victims of recent fire disasters in Iron Rod Market, Agodi in Ibadan and Balogun markets in Lagos has emphasised the need for markets to embrace insurance. This, it noted, has become very important to stop future losses due to fire on commodity markets.

Ayodapo Shoderu, president of the council, lamented the continuous loses of merchandise and properties in many commodity markets in the country to fire disasters, noting that such losses could be better prevented and mitigated if the victims had embraced insurance.

According to him, the market fires had deprived means of livelihood and survival to several market men and women who expectedly were breadwinners of their families

Shoderu opined that fire disasters further deplete the national wealth as most of the victims constitute a significant chunk of entrepreneurial class who are supposedly great contributors to the nation’s Gross Domestic Product (GDP).

According to him, “the NCRIB is pained by the loss and we seize this opportunity to underscore the need for adequate preventive measures against fire disasters.”

“This is why the economy is not growing. Insurance is the last hope of any human kind. If a loss occurs and insurance has been purchased, it puts the individual in better stead as if no loss was occurred. But where no insurance has been purchased, it causes a reduction in wealth by the amount of value of those insurable assets.

He, however, called on government to embark on aggressive asset protection through public enlightenment about risk prevention and control in major market in Nigeria.

The council reiterated the call for compulsory insurance of all Nigerian markets and public edifices as enshrined in the legal provision under Insurance Act 1997 (section 64 and 65) of insurance of public buildings.

NCRIB sympathised with victims of the twin fire incidents both in Lagos and Ibadan where properties worth millions of naira were lost, however implored individuals and corporate institutions to always conform to extant fire laws in public places as well as avail themselves the benefits of insurance, particularly those that relates to fire and property.

In a related development, the NCRIB’s president has advised politicians to embrace insurance especially at this crucial electioneering period, citing cases of recent attacks within the political circles.

Shoderu noted that this period is characterised by high level exposure to diverse human and material risks that could be mitigated if the political class facto in insurance into their plans.