Nigerian Insurance Industry Capable of Carrying Insurance Risks – NIA

Director General, Nigeria Insurers Association (NIA), Mrs Yetunde Ilori has assured Lagosians that the Nigerian insurance industry is capable of carrying their insurance risks.

Ilori gave the assurance at the Stakeholders Meeting on Compulsory insurances (Public Buildings) for Lagos State, organized by the Lagos State Safety Commission in collaboration with NIA held in Lagos recently to mark the flagging off of awareness campaign on Occupiers and Builders Liability Insurance in the state.

NIA DG said it is wrong when people with little or no knowledge on the workings of insurance said that all insurance companies in Nigeria cannot insure one airplane.

She explained that there won’t be any doubt if the insurance industry is capable if one understands how insurance works.

According to her”Insurance is not magic, if you understand how it works; you will know that Nigerian insurance industry has the capacity to carry your risks.

“The insurance industry in Nigeria has the capacity to indemnify all the liabilities that arises as a result of risk involved because insurance is a global business.

“It may be interested to know that insurance industry in Nigeria that people are saying lack capacity has within one year paid over N11 billion  to those who were affected by the 2020 #EndSARS protest.

“Lack of understanding may make people think it does not work. They take your premiums and pay you claims when risks occur. “

Ilori posited that the rationale behind the event was to create awareness on the benefits to be derived when taken insurance as well as teach the public on the need to take insurance as risks mitigation mechanism.

She reiterated that NIA has taken another bold step to digitalize the purchase of Occupiers Liability Insurance and pledged the association’s commitment to work with the state to ensure a safer Lagos.