Full implementation of the compulsory insurance policies will boost the safety of cities,the Chairman Insurance Group, Lagos Chamber of Commerce and Industry, Mr. Gboyega Olanbiwoninu said this during an insurance stakeholders’ forum organised by the LCCI Insurance Group in Lagos.
Olanbiwoninu said, “Implementation of the compulsory insurances will help Lagos State towards its vision in ensuring that the state is enlisted as one of the safest cities to live in the world. And at the same time, it will help grow the insurance industry’s contributions to the Gross Domestic Product, which is currently at an abysmal level of about 0.8 per cent.”
A statement from the LCCI said the forum was a strategic partnership between Lagos State Safety Commission and the LCCI to enlighten insurance stakeholders on the road map towards the successful implementation of the compulsory insurance policies such as third party motor; occupiers’ liability; building under construction, health insurance.
The chairman observed that the low contribution of insurance to the GDP may not be unconnected with the apathy to insurance products by the insuring public, lack of awareness and demonstrated value.
He said that the joint task force set up the Nigerian Insurers Association and the Nigerian Council of Registered Insurance Brokers to implement the compulsory insurance policies had put in place marketing campaigns to enlighten the insuring public and present value on the policies.
Olanbiwoninu expressed optimism that with the support received so far from Lagos Sate and its various enforcement agencies, the success of the implementation of the compulsory insurance was palpable.