By Chris Agabi
The Office of the Secretary to the Government of the Federation (SGF) and the National Insurance Commission (NAICOM) are working on new guidelines for insuring Federal Government assets.
This initiative is being driven by the Secretary of the Government of the Federation, Sen. George Akume and being implemented by NAICOM.
The guidelines being developed is expected to be launched in October, 2023.
The CEO National Insurance Commission Mr. Sunday Thomas, disclosed this in Uyo during a seminar for insurance correspondents.
“Since the new Government came in I have had course to see the SGF and we are working on the guideline for the insurances of government assets. They are taking it seriously. Besides, His Excellency the President Bola Ahmed Tinubu, established an insurance culture in Lagos when he was Governor, and until today except one Governor that ‘didn’t pay premium all the other Governors till date have paid premiums and followed the template that he put down for insurance. He is replicating that at the Federal level,” Thomas said..
In another development, NAICOM has ordered insurance companies to publish all outstanding claims in the national dailies.
Consequently, the Commission had written the operators and given them time to determine all outstanding claims and begin the publication.
NAICOM also advised assets owners to revalue their assets following rising inflationary trend before insuring same so as to get the true value when claims arise.
Similarly, the Commission is intensifying Insurance awareness across the country.
NAICOM took its latest sensitisation drive to Uyo, the Akwa Ibom state capital.
It sensitised members of the National Union of Road Transport Workers (NURTW) at Itan Central Park Uyo, Akwa-Ibom State and other motor park users.
The Commissioner for Insurance Sunday Thomas, who was ably represented at the event by Head, Corporate Communications and Market Development, ‘Rasaaq, Salami, educated park officials and travellers on the benefits of insurance, third party motor policy that is mandatory.
He told them that they stand to get up to N3 million for third party liabilities on a premium payment of N15,000.
According to Salami, other benefits accruing from third party motor insurance include, coverage across West African subregion and avoidance of unnecessary harassment on the road, during an accident.
He told them insurance pays only if they patronise registered insurance companies.