Gov. Ali Modu-Sheriff of Borno has urged the National Insurance Commission (NAICOM) to carry out an effective awareness campaign on the compulsory insurance policy among the populace, especially at the grassroots.

The governor, represented by his deputy, Alhaji Adamu Shetimma, at the launch of the Six Compulsory Insurance Campaign for the Northeast zone in Maiduguri on Thursday, said that there was a need for Nigerians to have adequate protection for their lives and property.

The compulsory insurance areas are builders liability insurance, occupiers liability insurance, health-care, professional indemnity, statutory group life insurance, workmen compensation insurance and third party motor insurance.

“There is no doubt that Nigeria and Nigerians deserve better services from our insurance companies in terms of protection of lives and properties through insurance.

“The Northeast zone is a huge market for the insurance industry if it is adequately exploited and better service provided.

“We are already aware of the several risks and accidents in which our people witness every now and then in the course of life and business,’’ the governor said.

He urged stakeholders in the insurance industry to ensure genuine payment of claims when it occurs, pointing out that the insurance industry had a lot to contribute to the growth of the economy.

“With the commission now in place, we are optimistic that the situation will improve for the better if the commission can enforce its mandate without fear or favour.

He appealed to the commission to ensure that the campaign was used to salvage the economy and encourage investors to go into businesses without fear.

He promised that his government would ensure that the campaign was carried to all parts of the area toward the realisation of the objectives of the commission.

“We shall support the campaign fully by launching it in all the local government areas.

“We urge the commission to be firm and decisive in order to ensure compliance,’’ the governor said.

In his address, Mr Fola Daniel, the Commissioner for Insurance, NAICOM, said a successful implementation of the programme would go a long way to improve many sectors of the economy, such as the fire service.

He said the era when insurance companies collected money from people and failed to pay compensation when the occasion arose had ended.‘

“Insurance has moved from this realm of small prints, we no longer operate in small prints but it’s no longer fashionable for an insurance company to give excuses instead of paying claims,’’ he said.

Daniel said when the compulsory insurance policy was fully implemented, it would go a long way to affect the lives of ordinary people positively.“

The insurance industry has come of age and has become a veritable partner in progress in our economic emancipation and they will leave up to expectation.

He noted that the insurance company had been sanitised to ensure that the goals of the commission were attained.

“We have a Bureau in the commission that is dedicated to timely resolution of complaints from members of the public. He called on all stakeholders to join the commission to ensure that its objectives were attained.

Hajjia Maryam Ciroma, Chairman, Board of Directors of NAICOM, said the compulsory insurance policy would create 250,000 jobs.

She noted that a successful implementation of the programme would go a long way to improve the structure of the fire service.

“By law, a percentage of all the premiums generated through this programme is to be remitted to the fire service of the states.

“This should help reduce state governments’ budgetary allocations to the sector,’’ she said.