x

Fire outbreak: Insurance broker urges Nigerians to protect businesses

Mr Godwin Osamade, an Insurance Broker, has urged Nigerian business owners to protect their businesses with insurance policy cover that would minimise losses in the case of fire incidents.

Osamade, who is under -writer with the AICCO Insurance PLC, spoke with the News Agency of Nigeria (NAN) in Lagos, on Thursday.

He charged Nigerian business owners to emulate their colleagues in the developed world, by securing investments with insurance covers.

This, he said, would assist in checking losses and trauma during incidents.

“There seems to be a cultural sentiment against insurance usage and practice in Nigeria; unlike in advanced climes.

“I cannot imagine the resolve of some corporate owners, who after seeing what fire did to others businesses, yet continue doing businesses worth millions of naira without an insurance policy for protection.

“When one approaches them for policy cover, they tell you their market is protected by God, fire is not my portion and all that.

“In December alone, businesses worth billions of naira were lost to several fire outbreaks in various markets, from Balogun market in Lagos to Onitsha market in Anambra including several petrol tanker fires.

“The list is endless and the losses huge,” he said.

Osamade said that 50 per cent of the victims of those fire incidents lacked insurance cover, thereby making them suffer great losses.

The Insurance officer advised Nigerians to envisage businesses that would outlive them, by insuring such outfits against bad situations.

According to him, businesses in the western world are doing well than those here because businesses there make use of economic windows such as insurance to absorb shock and keep going on, in spite of unforeseen circumstances.

He said that the issue of policy holders not being indemnified in the case of incidents had been allayed by reforms in the industry. (NAN)

Hot this week

Editors Urge Government To Create Safe, Enabling Environment For Journalists

· Ask security agents to find missing Vanguard journalistAs...

EXCLUSIVE: Buhari orders probe of Isa Funtua, AMCON over keystone and Etisalat

Following the controversy generated by the leading opposition party,...

6 Signs your boyfriend thinks you are ugly -Take note of No. 2

They say there are three kinds of people; the...

2023: South-East, Middle Belt Forum Endorses Peter Obi

The South-East and Middle Belt Forum has endorsed the...

Julius Berger wows FCT women

You are creating a new record in service delivery...

Governor Yusuf Swears In New Commissioner For Housing Development.

By Jabiru Hassan.Governor Abba Kabir Yusuf of Kano State...

Governor Yusuf Issues Executive Order On Kwankwasiyya, Amana, And Bandirawo Cities.

Gives Property Owners Three-Month Ultimatum To Occupy Or Face...

Daybreak AbujaAbuja Ground rent: Wike Revokes 4,794 Land Titles over 40 years of Non – Payment

By Joyce Remi-BabayejuThe Federal Capital Territory, FCT, Minister, Nyesom...

FG Responds To Allegations On Expatriate Quotas Administration

By Francis WilfredFollowing recent allegations on a national TV...

OSGF distances self from allegations of corruption

…Reiterates commitment to transparency accountability and integrityThe attention of...

Plateau -More groups pass vote of confidence on  Speaker Dewan 

By Isreal Adamu, Jos Another group Plateau Young and Vibrant...
spot_img

Related Articles

Popular Categories

spot_imgspot_img