Yemisi Izuora
The Nigerian Council of Registered Insurance Brokers (NCRIB) has advised business men especially market men and women to take seriously the issue of insurance by embracing compulsory insurance to mitigate un-necessary loss in the event of fire outbreak.
President of the NCRIB Oladapo Shoderu who made the appeal at the council’s members evening hosted by Industrial and General Insurance (IGI) Plc, noted that the incessant outbreak of fires at such places coupled with lack of mitigation through insurance cover had continued to deplete the nation’s wealth.
“Permit me to reiterate the call for compulsory insurance of all Nigerian markets and public edifices as enshrined in the legal provision under Insurance Act 2003 (section 64 and 65) of insurance of public buildings.
“We use this medium to again call on government to embark on aggressive asset protection through public enlightenment about risk prevention and control in major markets in the country.
He urged governments to embark on massive aggressive asset protection through public enlightenment on risk prevention and control in markets across the country.
Shoderu urged members to ensure discipline in the conduct of their business adding that any member who violated the law would receive appropriate punishment.
“I must stress that it will be most difficult for me or the Governing Board to henceforth defend any member who violates the law or directive on insurance broking operation. ‘’
He said it was regrettable that the Council had continued to receive an avalanche of complaints about some ethical brokers losing businesses to those who continually cut rates or quote uneconomic rates.