By Ngozi Onyeakusi—- Worried about the growing trend of non-insurance of government assets, the National Insurance Commission (NAICOM) said it was partnering the Ministries, Departments and Agencies (MDAs) to effect change.

The Commission condemned the idea saying it is leading to colossal losses in event of disaster.
NAICOM, similarly cautioned that it has become imperative more than before to put in place measures to guide MDAs on procuring adequate insurances for assets under their watch.

Speaking at a sensitization workshop for Insurance desk officers in Ministries, Departments and Agencies (MDAs the Cmmissioner for Insurance, Sunday O. Thomas, said the essence of insurance of government assets is to cushion the effects in event of catastrophes.

According to him, “It is very worrisome to the Commission that most assets and liabilities of government are never adequately and appropriately insured, which further accentuated the need for urgent measures to be put in place by the Commission to ensure that government gets value for money in the purchase of insurance by MDAs. It is the desire of NAICOM to change this narrative for good.
“The essence of Insurance of Government Assets and Liabilities is to cushion the impact and reduce the burden that the government would have to bear in likely occurrences of catastrophic events such as natural disasters, fire, accidents, building collapse, injuries or death to third parties, etc, thereby saving the government money which can be channeled towards augmenting the needs of the citizenry, providing infrastructure, and creating employment, among others.”
Further, he cited the provision of Section 7 (d) and (C) of the National Insurance Commission (NAICOM) Act 1997 which stipulates that the Commission shall ensure adequate protection of strategic government assets and other properties just as the provisions empowers the Commission to act as Adviser to the Federal Government on all insurance related matters.
Mr. Thomas maintained that the Commission can better achieve these tasks with the full
cooperation of the MDAs adding that the workshop and the subsequent ones to follow were part of the drive to achieve the above mandate as enshrined in extant laws.
He explained that the sensitization workshop is aimed at equipping insurance desk officers with the necessary tools to ensure that all MDAs have adequate insurance coverage for all government assets and liabilities to curb wastage occasioned by losses of uninsured assets.
He said: “At the end of this Workshop, it is expected that insurance desk officers will now have the capacity to gauge the insurance protection needs of government assets under their purview and provide their principals with technical advice on the required insurance coverage for government assets and liabilities.
“Building the capacity of insurance desk officers, enthroning transparency and accountability to ensure that government gets value for money in the purchase of insurance thus taking us all a step further in contributing effectively to the economic growth and development of Nigeria is an ongoing project of the Commission.”