Building Collapse: NCRIB Calls For Enforcement Of Compulsory Insurances

By Ngozi Onyeakusi– Given incessant building collapse in the country, the President Nigerian Council Registered Insurance Brokers (NCRIB) Mr Shola Tinubu has called for the implementation of the enforcement of compulsory building insurance as enshrined in Section 64 and Section 65 of Insurance Act 2003.

Commiserating with the victims of recent building collapse in Lagos and Oyo State as well as other similar disasters, Tinubu while addressing the journalist in a press Confab urged Nigerians on their own, insure their personal assets in order to mitigate their losses when and if losses of that dimension do occur.

To combat the menace, Tinubu said Government needs to be more proactive in implementing building laws. Also, they have to continually engage stakeholders in the construction built environment and related institutions to elicit their input for a long lasting solution to the malaise.

Here is the text of his full speech

SPEECH DELIVERED BY MR. SHOLA TINUBU, ACII, FCIB, PRESIDENT, NIGERIAN COUNCIL OF REGISTERED INSURANCE BROKERS (NCRIB), AT A PRESS CONFERENCE HELD THE QUARTERLY MEDIA BRIEFING HELD AT “INSURANCE BROKERS HOUSE”, 58, MOLEYE STREET, ALAGOMEJI, LAGOS, ON TUESDAY, APRIL 16, 2019.
PROTOCOL ​
I would like to appreciate your presence at this first quarter media briefing of the Council in 2019 and commend you for sustaining the tempo of public awareness for the industry, using your various platforms. Definitely, the importance of your roles and positions as custodians of information and agents of image management for the industry cannot be underestimated. Your doggedness and determination to sustain the good image of the industry through your effective reportage has continued to give more positive attraction to the industry, for which we are most delighted. Since the largest room in life is the room for improvement, I will crave your greater support for establishing the insurance brand in the minds of the public.
Like I said at the maiden edition of the media interaction series, our Council, under my leadership, is committed to engaging members of the press on a regular basis to intimate you with developments in the industry as they unfold. It still remains a puzzle that in spite of the enormous potentials of the insurance industry and the Nigerian population, the industry is still smarting from challenges of poor acceptance, occasioned by poor perception. This narrative should and must change with the sustenance of progressive synergy and interaction between insurance operators and the media just like this forum.
2019 GENERAL ELECTION
Permit me to express the delight of our Council that the 2019 General elections have been held, throwing up new political office holders to steer the affairs of the nation for the next four years. It is quite heartwarming that the nation’s polity, though still bedeviled by democratic challenges has given new hope of stability. I, therefore, want to utilize this opportunity to once again congratulate the President and the Vice President; His Excellency President Muhammadu Buhari and His Excellency Professor Yemi Osinbajo, respectively. I also congratulate all elected State Governors and members elected to represent us at the legislative arms across all levels in the country. It is a known fact that politics and economy are inextricably woven, as one negative or positive development in one would most assuredly affect the other, and vice versa. The stability of Nigeria political environment is an harbinger of a stable and progressive economy.
As actors in the financial ecosystem, the NCRIB is using this platform to advise the government to inject fresh ideas into the running of the nation’s economy while at the same time sustaining the tempo of existing positive economic policies already put in place by the government. The reflation of the economy should be anchored on enhanced promotion of local capacity to reduce over dependence on foreign goods and services, and by so doing reduce the strain on the nation’s currency vis a vis other foreign currencies. Government must create an improved enabling environment for business and professional growth through initiation and tenacious pursuit of laws and regulatory prescriptions that would enhance economic growth. In specific terms, urgent attention must be paid to reducing poverty, which has as its bye product, unemployment and poor standard of living. While Nigerians are awaiting government to give more teeth to implementation of Oil and Gas reforms, power sector reforms and human capital development and redouble efforts in promoting agriculture, more attraction should also be given to the state of security in the country. Since insurance thrives more when the economy thrives, it is our believe that the industry will witness desired northward trend when the economy is on a sure sound footing.
BUILDING COLLAPSE
In the light of recent building collapse in Lagos and Oyo State as well as other similar disasters, the NCRIB is quite touched. It is our belief that the unfortunate incidences are actually accentuated greatly by the lax of regulatory enforcement in the construction environment. To combat this, Government needs to be more proactive in implementing building laws. Also, they have to continually engage stakeholders in the construction built environment and related institutions to elicit their input for a long lasting solution to the malaise. While the Council commiserates with the victims of the building collapse, we like to use this opportunity again to call on government to give more impetus to the implementation of the enforcement of compulsory building insurance as enshrined in Section 64 and Section 65 of Insurance Act 2003. Similarly, Nigerians are also advised to, on their own, insure their personal assets in order to mitigate their losses when and if losses of this dimension do occur. Every individual should ideally live up to his responsibility of care by protecting whatever is valuable to him or her, both life and property. Our slogan has been :”Whatever is worth having, is worth insuring”.
EFFORTS TO DRIVE INSURANCE PENETRATION
The Council is quite aware of the desire of the National Insurance Commission (NAICOM) to drive insurance penetration in the country. This is commendable. While the entire industry operators are saddled with the task to make this vision come to pass, the NCRIB would soon be redoubling its efforts by making inputs into the initiative. We like to use this opportunity to appreciate NAICOM for its favourable disposition towards growing the industry and assure that our Council will continue to complement the Commission in this regards.
2019 BIBA CONFERENCE
In view of the need to enhance cross fertilization of ideas and exchange professional knowledge across international borders, it is most heartwarming that the Council’s delegation would be attending the 2019 British Insurance Brokers Association’s Conference in Manchester City, United Kingdom. The Conference which promises to be resourceful is themed “Leading the Way” and holds May 15-16, 2019. Aside meeting new faces and learning new things through the conference, the NCRIB delegation would also have the benefit of interacting with a team of professionals two leading insurance institutions in the UK, namely: Aon and Lloyds Underwriters, who have consented to train the Nigerian delegation on strategic areas of practice while in the UK.
2019 AIO
In a similar vein, the Council has commenced the sensitization of Members on the need to attend the 46th Conference and Annual General Assembly of the African Insurance Organisation which will take place from the 9th to 12th of June, 2019 in Johannesburg, South Africa. The Conference is organized by the Insurance Institute of South Africa (IISA), under the chairmanship of Thokozile Mahlangu, Chief Executive Officer of IISA. The Theme of the Conference is: “Insurance Penetration in Africa: Insuring the Uninsured.” The Conference will take place at: Emperors Palace, Johannesburg.