• Tuesday, July 23, 2024
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To sustain economy govt must prioritise insurance

WEF identifies five immediate risks facing Nigeria’s economy

With COVID-19 impacts and subsequent downturn in the economy, government at all levels has been urged to prioritise insurance services as risk management tool in handling crises affecting citizens.

Muftau Oyegunle, president of, Insurance Industry Consultative Council (IICC) made the remark at the 2020 journalist media retreat organised by IICC at the College of Insurance and Financial Management (CIFM ) Asese Village, Ogun State.

Oyegunle said the Covid 19 and consequent down turn of the economy has increased the level of poverty in our country and the message to governments at various levels is that for sustainability, insurance must be incorporated into most of the support governments are offering.

For example, government can make health insurance compulsory by subsidising the premium, stating it has been done successfully in other countries.

“It may interest you to know that common malaria kills more people in Nigeria than Covid.

Read also: For economic sustainability, govt. must prioritise insurance

According to him, the recent collapse of 21 storey 360 degrees apartment at Gerald Road, Ikoyi on November 1, 2021 where 45 deaths has so far been recorded with many wounded without any Insurance Cover exposed the level of decadence in our society. It simply revealed the level of culture of settlement in our country, he said.

While soliciting the support of the media for the growth of the industry, he highlighted some of the rationales behind the IICC annual Media Retreat for Insurance Correspondents.

He said “This forum also serves the purpose of further unifying all arms of the Insurance Industry who have come together under one umbrella, the IICC, in order to ensure unity and single-mindedness in promoting the insurance industry agenda.

“I would like to refresh your memories by stating that the IICC was formed with the following objectives which are aimed at raising the profile of the industry as well as increasing its relevance to the Nation’s economic growth. The objectives include: acting as an industry voice for national matters; acting as a platform for intra industry conflict resolution; promoting the Industry’s image and growth agenda and taking up and assuming any other role that may serve the best interest of the insurance industry,” Oyegunle explained.