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Fire outbreak: Insurance broker urges Nigerians to protect businesses

Akerele mall on fire

By Uchenna Eletuo

Lagos – 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.


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