‘Insurance protection against disaster, losses low’
There is no insurance protection for most disaster losses arising from market fires, petroleum tanker explosions, boats capsizing, among others, in the country, Jacob Adeosun, a risk engineer and industrial safety expert, has said.
Adeosun, who is the past President of Risk Managers Society of Nigeria (RIMSON), said the state of the country’s markets, conditions of local boats and some petroleum tankers are unattractive to insurance.
He, however, advised that these risks be insured.
He said each time a disaster occurs, the afflicted weep beg for government’s help, adding that this was unnecessary if insurance were in place.
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He called on President Bola Tinubu to engage RIMSON, Chartered Insurance Institute of Nigeria (CIIN), Nigeria Insurers Association (NIA), Risk Surveyors Association of Nigeria (RISAN) and National Insurance Commission (NAICOM) to establish a “Special Insurance Pool” to be initially funded by the government and be self-sustainable thereafter.
He said: “The public sector and agencies which should be the drivers of safety, loss prevention and regulation practices have not demonstrated themselves as the drivers of this most crucial responsibility in Nigeria. The worst conditions of safety, loss prevention and regulation are in most occupancy of towns and villages with reckless abandon throughout Nigeria.
“The recurrent disasters should not be left to continue. The relevant authorities should demonstrate commitment to addressing safety infractions, going forward. For example, why should any boat passenger not wear life jacket which is the most basic form of survival requirement in simple water transportation? Emergency response without recovery is incomplete and not cheering. Whenever an accident provides room for emergency response, the pride and joy of the intervention are the lives and assets saved.’’
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