.Commends insurance sector for N11bn cover for 5,000 health workers
In recognition of the critical role that the Small and Medium Scale Enterprises (SMEs) play in Nigeria’s economy, President Muhammadu Buhari on Monday directed the Central Bank of Nigeria (CBN) and other financial institutions to make further plans and provisions for financial stimulus packages for the SMEs.
This is even as the president commended the insurance sector for their support in achieving insurance cover for 5,000 frontline health workers.
Speaking on this, President Buhari in his address on the cumulative lockdown order of Lagos and Ogun States as well as the Federal Capital Territory on COVID- 19 pandemic on Monday in Abuja.
LUTH delivers COVID-19 patient of baby girl
According to him, the distribution and expansion of palliatives which I directed in my earlier broadcast is still ongoing in a transparent manner.
“I am mindful of the seeming frustration being faced by expectant citizens. I urge all potential beneficiaries to exercise patience as we continue to fine-tune our logistical and distribution processes working with the State Governments.”
Speaking on the life insurance cover for frontline workers, he said: “In keeping with our Government’s promise to improve the welfare of healthcare workers, we have signed a memorandum of understanding on the provision of hazard allowances and other incentives with key health sector professional associations.
“We have also procured insurance cover for five thousand frontline health workers. At this point, I must commend the insurance sector for their support in achieving this within a short period of time.”
He, however, pointed out that Nigeria has also continued to receive support from the international community, multilateral agencies, the private sector and public-spirited individuals.
He said: “This support has ensured that critical lifesaving equipment and materials, which have become scarce globally, are available for Nigeria through original equipment manufacturers and government-to-government processes.”
Few days ago, the Nigerian Insurance industry announced its support to the Federal Government of Nigeria by providing N11 billion life insurance cover to the frontline health workers employed in the fight against COVID-19.
The Acting Commissioner for Insurance, Sunday Thomas disclosed this in a statement made available to the newsmen at the weekend said that the benefit which is the sum assured payable to the families or named beneficiary of any of the workers that die in the line of duty is as follows: Medical Doctors N3 million; Pharmacists/Nurses N2 million and others N1 million.
According to him, the Life Insurance Policy which is the evidence of the contract was presented to the Chairman, Presidential Task Force on COVID-19 through the Honourable Minister of Finance, Budget and National Planning, Hajia Zainab Shamsuna Ahmed.
He said the premium which is in the sum of N112,500,000 for the cover has been fully paid by the Nigerian Insurance Industry in line with the principle of No Premium No Cover, stressing that a total of 19 Life Insurance companies have been accredited to provide the Cover.
Thomas posited that the cover is for a period of 12 months effective April 14, 2020, and that in event of any fatality, the relevant agencies of government will immediately advise the lead Underwriter – FBNInsurance Limited who will make a request for relevant documents needed for payment of the claim.
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