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State Government teams up with NCRIB to implement insurance of public buildings

November 19, 2015 12:03 PM

Ogyun state is collaborating with the Nigerian Council for Registered Insurance Brokers(NCRIB) to enforce the insurance of public buildings.

Ogun State logo

In light of the increasingly common cases of collapsed buildings and other forms of disasters across the nation, Ogun state is collaborating with the Nigerian Council for Registered Insurance Brokers(NCRIB) to enforce the insurance of public buildings.

The goal is to implement the laws in Sections 64 and 65 of the Insurance Act 2003, thereby, reliving the government from having to compensate victims, as this will be done by insurance professionals at a very minimal cost.

Therefore, the State’s Commissioner for Finance, Ogun State, Mr. Adewale Oshinowo, is stressing the need for more insurance professionals to be involved, according to Punch.

READ: Ogun State collaborates with Lafarge Africa Plc to solve housing problems

During the courtesy visit to Ogun state secretariat, the President, NCRIB, Mr. Kayode Okunoren, spoke on the usefulness of insurance policies, adding that no nation can have a sustainable economic development without taking insurance serious.

He said this is because funds from insurance make a large percentage of investable reserves.

As the leader of the delegation, he appreciated the state government's efforts towards the human and physical transformation of the state.