FG set to insure public assets
The Federal Government yesterday assured its readiness to adequately insure all its assets.
This was disclosed by the Minister of Finance, Mrs. Kemi Adeosun, during the 2017 National Insurance Conference of the Insurance Industry Consultative Council (IICC) with the theme: ‘Nigeria open for business’, in Abuja.
Adeosun said the move became necessary giving the fact that foreign investors have shown great interest in the industry adding that to sustain their confidence, the government need to play its part.
“Foreign investors have shown great interest in the Nigerian insurance sector by entering into the market and progress can be seen in the introduction of new insurance products in the growing mortgage and housing sector.
The Federal Government will play its part to ensure that government assets are adequately insured”, she said.
The minister, who was represented by the Permanent Secretary in the ministry, Mahmoud Isa-Dutse, also said that through the Voluntary Asset and Income Declaration Scheme, the Federal Government would train insurance brokers and underwriters because they were the people who would support individuals to purchase insurance policies that hedge potential losses of wealth and assets.
Commending insurance industry for being dynamic and creating employment and entrepreneurship opportunities at all levels, she said the government would support the sector to continue to contribute effectively to sustainable and inclusive economic growth.
“We must be willing to expand the insurance market beyond the upper class and formally employed market, to the middle and lower income market. Doing this means that our distribution channels must be innovative, considering product features, cost, proximity and all other relevant factors,” Adeosun stated.