Wednesday, October 23, 2019 6:18 pm
The Deputy President of the council, Dr Bola Onigbogi, made the recommendation at an interactive session with the House of Representatives Committee on Insurance and Actuarial matters on Wednesday in Abuja.
Onigbogi also stressed the need for the enforcement of laws that would ensure insurance of lives and property in the country.
She stressed that it was a known fact that the insurance industry played a very vital role in economic development.
The deputy president said that the contribution of the industry could be enhanced by government support through law enforcement.
According to her, some public transport operators carry about 14 passengers or more without any form of insurance.
She also noted that most shops in the markets, and which were prone to fire incidents, operated without insurance and often looked up to government when there was an inferno.
“Most buildings in the country are without insurance in spite of the rising cases of building collapse and its related hazards,’’ she said.
She attributed the low insurance patronage in the country to lack of sensitisation and law enforcement.
“Insurance should be included in secondary school curricular so that we can catch them young.
“The average age of chief executives in the insurance industry is not less than 45 years of age; this is because the young ones are not interested.
“We need to let them know that insurance in the past is not what it is now,” she said.
In his remarks, the Deputy Chairman of the Committee, Rep. Jaha Ahmadu (APC-Borno) blamed the low patronage on the attitude of some company towards payment of claims.
He said that there were cases where people forfeited their claims out of frustration as a result of the attitude of some insurance companies.
“If we want the public to patronise the industry and the laws be fully enforced, the insurance companies must learn to pay quickly.
“We should also have a situation where the companies pay claims even before subscribers finish filing their papers.
“I assure you that this committee has vibrant members that will ensure enforcement of the laws and we will also go the extra mile to ensure claims are paid,” he said.
The Chairman of the Committee, Rep. Darlington Nwokocha (PDP-Abia) said that the idea of including insurance in secondary schools curriculum was a noble one.
He said that the committee was in the process of amending the Insurance Act and would consider the proposal