Comply With Insurance Act, Broker Tells Landlords

An insurance broker, Mr Chibuzo Azubuike, on Wednesday urged landlords in Lagos yet to comply with the Insurance Act 2003 to do so.

Azubuike told our correspondent that the insurance sector had yet to make a head way almost a year after the Market Development and Restructuring Initiatives (MDRI) was launched.

Azubuike, who is the Head of Marketing and Business Development, Afribank Insurance Brokers Ltd, said that this was in spite of efforts by brokers in carrying out a house to house campaign.

“The insurance companies have not made a head way in the insurance of public and private buildings in Lagos.

“Three months ago, some brokers, including Afribank Brokers, embarked on an exercise tagged: ‘Market Storm’ to enlighten house owners on the need to insure their houses.”

“You know Nigerians, until somebody is there to enforce the Act nobody will comply,” he said.

Azubuike said that brokers planned to partner with estate surveyors and valuers to ensure that the insurance of buildings was handled effectively.

He, however, expressed concern that most insurance firms were still busy with conventional insurance businesses instead of intensifying efforts to ensure that house owners complied with the law.

The National Insurance Commission (NAICOM) launched MDRI in 2009.

MDRI is aimed at harnessing all the compulsory insurances in the Insurance Act 2003 to boost the industry’s premium income.

Insurance of public and private buildings is one of the compulsory insurances in the Act.