An Insurance stakeholder has called on the Nigerian government to use the potentials in insurance to mitigate risks against making budget for emergencies.
The Executive Secretary/Chief Executive Officer of the Nigerian Council of Registered Insurance Brokers (NCRIB), Mr. Fatai Adegbenro, disclosed this at the Annual Lecture of Actuarial and Insurance Students of the Lagos State Polytechnic, Ikorodu, stating that with insurance, the government would be open to free funds for developments.
Speaking on the theme: “The Role of Insurance in an Emerging Economy”, he mentioned that the insurance allows different risks to be managed more efficiently, encourages loss mitigation and enhances peace of mind and promotes financial stability.
Adegbenro, further said that insurance helps relieve the burden on government for providing all services of social protection to citizens via social security systems, facilitates trade and commerce, supporting businesses and economic growth.
He noted that insurance also helps mobilize domestic savings, creates employments and foster efficient allocation of capital.
“It is indeed important to remember why insurance is so pervasive (and usually voluntarily) in the developed world today and increasing its presence in the developing world – because it answers some of our basic needs and it is generally for less costly in the long run to be insured than uninsured,” he said.
Mr. Fatai Adegbenro, however urged the students to partake actively in the insurance awareness campaign, adding that the economy needs insurance to thrive.