NAICOM Seeks Governments’ Patronage Of Local Insurers

….Donates 150 capacity Lecture Theatre to Kaduna State University

For the insurance industry to contribute significantly to the economy there is a need for the government at all levels to provide the needed support to operators.

But the National Insurance Commission (NAICOM) and operators are worried about the government’s levity and unwillingness to insure public assets.

This is even as it commissioned a newly constructed 150-Capacity Lecture Theatre named ‘NAICOM Building’ jointly sponsored by the National Insurance Commission (NAICOM) and the management of Kaduna State University.

The Commission, at the commencement of a partnership process with the Katsina State Government for the enactment of state laws to domesticate compulsory insurance, urged the state governments to ensure adequate insurance of their assets.

The meeting was to discuss the enforcement and implementation of third-party motor and public building insurance.

Head of Corporate Communications and Market Development Department, NAICOM, Rasaaq Salami, at a national workshop on micro-insurance and Takaful organised in collaboration with Safe Sapphire Foundation in Abuja, said the #EndSARS protests, though unfortunate, highlighted the essence of insurance in risks mitigation. This, he said, should have served as a lesson to the government.

“Full implementation of compulsory insurances will help the government cushion the effect of recurring fire inferno in different markets across the states. These have caused so many economic losses to traders,” Salami said.

Meanwhile, while speaking at the commissioning of the project yesterday in Kaduna, the Commissioner for Insurance and Chief Executive Officer of NAICOM, Mr Olorundare Sunday Thomas, who was represented at the occasion by Ahmad Abubakar, Head, NAICOM office, Kaduna, noted that the project was achieved through the financial assistance of NAICOM under the programme called the Financial Assistance to Tertiary Institutions (FATI).

According to him, the National Insurance Commission (NAICOM)‘s support to the Kaduna State University was in furtherance of the resolve of the management of NAICOM to achieve one of its mandates which is to promote insurance education and other related subjects toward achieving human capital development provided for in Section 19 (c) of the NAICOM Act 1997. This project was carried out through our ‘Financial Assistance to Tertiary Institutions’ (FATI).

“In line with the request of the Institution that the project be jointly done by NAICOM and the Kaduna State University in order to have a befitting structure, NAICOM approved the request which was the first of its kind. I wish to submit that, the Commission is highly pleased with what we are commissioning today”, Thomas said.

He said, “The completion of this 150-capacity lecture theatre will undoubtedly be a value-addition to Kaduna State University, particularly the students who will use this facility, adding that It is our firm belief that you will put this infrastructure to good use for the benefit of all stakeholders.”

While publicly acknowledging the support of the Governing Board of the National Insurance Commission in the pursuit of all its initiatives, Thomas commended the Acting Vice Chancellor of Kaduna State University, Prof. Abdullahi Musa Ashafa and other members of management for delivering on this project within a good time.

“I must also commend all members of staff who coordinated the project execution for their commitment, and I urge you not to relent effort in your drive to attract further development to this great Institution,” he added.