The President, Nigeria Council of Registered Insurance Brokers, Babatunde Oguntade has disclosed that proper utilisation of insurance policies in Nigeria could help reduce the menace of out-of-school children.
Speaking at the investiture of the 14th Western Area Committee Chairman of the council, Gafaar Akindele in Osogbo on Thursday, he said embracing insurance policy reduces risks in all sectors.
According to him, stakeholders must ensure that Nigerians embrace insurance as a means of reducing risks either in businesses or human capital development
“Catastrophic will always create setbacks, losses will create back, be it economic, be it manpower when you have such thing, the best antidote to all of these is insurance at both the macro and micro level, such that even petty traders can get indemnified when losses occur.
“When breadwinners die, if they take life insurance, life can continue without them, children will continue to go to school, we can reduce the number of out-of-school children, and the number of beggars in the system. When businesses break down due to loss, we have policies and insurance that can continue to put the business in place.
“Insurance brokers are available to create awareness and assist buyers of insurance to get value, when values are created people cue in. We stand with buyers of insurance through thick and thin, from the time of inception of policy through building the business and ensuring its survival”, he added.
In his inaugural address, Akindele stressed the need for Nigerians to see insurance as an alternative to secure lives and properties, saying the period when insurance companies don’t settle claims is long gone.
“The age-long story that insurance companies do not settle claims is nothing but apparent falsehood. I charge anyone here who has his/her genuine insurance claim turned down in the recent past to meet me or any members of our Council for assistance. It’s interesting to note that many insurance companies are paying claims within 72 hours after complete documentation of the claim”, he said.
