By Sola Alabadan
The Kano State Government has been urged to encourage individuals and corporate entities within the state to embrace other non-mandatory Insurances, in addition to the compulsory classes of Insurance.
The Commissioner for Insurance, Olorundare Thomas, made this call at the retreat held in Abuja recently for members of the Committee on Implementation of Compulsory Insurances in Kano State.
The insuring public should be encouraged to embrace Takaful Insurance, otherwise known as Islamic Insurance, or Microinsurance which caters for the low income earners who constitute larger percentage of the population and businesses.
He pointed out that “This will enable an all inclusive approach to the drive for insurance uptake and will address most of the sentiments against insurance in our society.”
Meanwhile, the compulsory insurances planned for implementation in the state are: Third party motor insurance in respect of all mechanically propelled vehicles that ply the public roads, Liability insurance cover in respect of all Buildings under construction that are more than two floors; Liability insurance Cover in respect of all Public Buildings including Schools, Offices, Hotels, Hospitals, market shops, Shopping Malls etc.; Professional indemnity for all medical practitioners and hospitals; Group life insurance cover by all employers of labour for all their employees and Annuity for retirees as provided under the Pension Reform Act 2014.
The NAICOM boss assured the members of the Committee that the Commission will readily provide all necessary support, especially in the area of publicity, knowledge gap about insurance and expertise to assist them carry out their assignment successfully.
Thomas further urged them to refer any matter they may require further guidance to the Commission, stressing that the success of the project surely depends on the success of the Committee.
He added that “It is my belief that once Kano State gets this right, the story is going to be same with other states in the region. As one of the leading commercial nerve centres in the country with huge population and business potentials, the adoption and enforcement of these compulsory insurances will no doubt boost insurance premium income in the country, create thousands of employment opportunities in the state, improve standard of living of the people and increase the state’s internally generated revenue.”
Thomas emphasised that “it is only with insurance that the government can guarantee business sustainability and revolving of funds for the future.”
