The National Insurance Commission(NAICOM), has received the 2020 Honourary Award from National Association of Insurance and Pension Correspondents(NAIPCO), for the leading role it played in harmonising the insurance industry to give free life cover to to 5,000 health workers in the frontline of the fight against Covid-19.
The award was given to the commission at the 2020 NAIPCO national conference in Lagos last week.
Speaking on the criteria for choosing the commission as the winner of the award, the Chairman, NAIPCO, Mr. Chuks Okonta said, prior to NAICOM intervention, some individual companies were already providing free cover to health workers, adding that, the coming in of NAICOM ensured that the industry united to present the free health cover to 5,000 health workers.
“That singular act earns the insurance industry respect and commendation from both the government and private sector. This could not have been possible if companies were presenting their individual cover to health workers as the glory will just be on the few companies concerned rather than the whole industry,” he said.
Receiving the award on behalf of Commissioner for Insurance and CEO, NAICOM, Mr. Sunday Thomas, its spokesperson, Mr. Rasaaq Salami, applauded the association for counting the regulatory body as worthy of the award, promising that the commission will continue to play a leading role by regulating the sector with human face, so that, insurance sector players can operate under a good business operating environment. He applauded NAIPCO for its contribution to the growth and development of both insurance and pension sectors, calling on insurance journalists to continue to deepen insurance awareness and sensitisation with the hope of increasing acceptance in the country.
The insurance industry had earlier provided life insurance cover for 5000 health workers in the frontline of the fight against covid-19. The life cover has a sum assured worth N11 billion and the premium was fully paid by the industry.
While commending the insurance industry for the provision of free life insurance cover to 5,000 health workers in the country, President Muhammadu Buhari, had earlier noted that the move is in line with keeping with Government’s promise to improve the welfare of healthcare workers.
President Buhari said: ““We have also procured insurance cover for 5,000 frontline health workers. At this point, I must commend the insurance sector for their support in achieving this within a short period of time.”
It will be recalled that Thomas had said the cover will enable families or named beneficiary of any medical doctor that dies in the line of duty to claim N3 million; Pharmacists/Nurses N2 million and others N1 million.
He said the premium, which is in the sum of N112,500,000 for the cover has been fully paid by the Nigerian insurance industry in line with the principle of no premium, no cover, stressing that a total of 19 Life Insurance companies have been accredited to provide the cover.
Thomas noted that the cover is for a period of 12 months effective April 14, 2020 and that in event of any fatality, the relevant agencies of government will immediately advise the lead underwriter – FBNInsurance Limited who will make request for relevant documents needed for payment of the claim.