Ogun, NCRIB partner to enforce building law

OGUN State government has taken a proactive measure in collaborating with the Nigerian Council of Registered Insurance Brokers (NCRIB) to enforce relevant Acts on insurance of public buildings.

The State also affirms its readiness to partner Insurance Brokers in the area of disaster management and enforcement of Section 64 and 65 of Insurance Act 2003 on Insurance of public buildings.
The Ogun State Commissioner for Finance, Mr. Adewale Oshinowo, while receiving the NCRIB delegation to the State Secretariat yesterday alluded to the need of engaging insurance professionals in risk management.

In view of recent incessant building collapse and other forms of disasters across the nation, the Commissioner stated that, it was expedient for the state, which pride itself the economic hub of the nation own to its proximity to Lagos, to partner with Insurance Brokers to win more investors mind.

He further alluded to the fact that government could be saved of unnecessary hassle of dolling out the meagerly acquired fund of the state to compensate victims of insurable disaster when insurance professionals could handle same at a very minimal cost.
He however enjoined Brokers to think out of box and be more creative in their product development that would directly impact lives of the masses.

Meanwhile, the NCRIB President, Mr. Kayode Okunoren, who led NCRIB delegation on the courtesy visit had earlier applauded the Ogun State government under the dynamic administration of Senator Ibikunle Amosun for the phenomenal human and physical transformation which has been recorded in the state since his assumption of office.
According to him, no nation could have sustainable economic development by making insurance its last consideration.

According to him, funds from insurance constitute a large percentage of investible reserves of most progressive nation apart from guaranteeing peace of mind which was germane to progress.
Okunoren regretted that the law on insurance of public buildings that was promulgated to protect citizens against losses was not adhering to by most states.

He therefore solicited for the support of the State the area of compliance with law enforcing public building and a disaster management through insurance.