Five compulsory insurance vital for Nigeria’s for progress

By Achadu Gabriel

The Commissioner for Insurance National Insurance Commission (NAICOM) Mr. O. S. Thomas, has described the five compulsory Insurance as vital for every Nigerian to take into consideration.

He made the revelation during the National Insurance Commission (NAICOM) special day at the on – going 42 Kaduna International Trade fair with the theme “Promoting domestic Production to Mitigate The Current Economic Challenges”.

The Commissioner who was represented by the head of the Kaduna office Mohammed Mammada, said being the apex regulatory body of all Insurance institutions in Nigeria, the commission find the theme very timely as it relates to the on – going market development and restructuring initiatives (MDRI) projects of the commission.

“We intends to create more awareness and enlightenment campaign to the members of the public on the benefits of insurance and to deepens insurance penetration with the aim of increasing the volume of premium income generation by the insurance companies and in turn add to the Nations GDP.
The five (5) insurance products made compulsary by the insurance Act 2003 and related legislations, he said, are Group Life Insurance, The builder liability insurance (Buildings under construction), Public building insurance, Motor third party Liability insurance and
Health care profession indemnity insurance.

Mammada said it’s very vital for the general public to know all this five compulsary insurance for the benefits of all.
He further said that the commission plays a vital role in stimulating economic growth of the country amongs which it insure adequate protection of strategic government assets/property.

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