Occupiers’ liability Insurance boosts security of life, property….AIICO retail
One of the strategies to enhance continence of living and comfort has been identified as taking occupiers’ liability insurance policy.
This disclosure was made by Head of Retail Sales at AIICO Insurance, Taofik Ayeni, at a training organised for members of the Capital Market Correspondents’ Association of Nigeria, CAMCAN, in Lagos at the weekend.
The event, part of the association’s capacity building initiatives to enhance members’ skills in financial market reporting through the knowledge of industry-specific operations covers different segments of insurance, including risks and financial management.
Ayeni, who spoke on “Safety, Risk and Financial Management,” with emphasis on Insurance, pointed out that business activities globally, had become more complex in recent times.
He pointed out that most owners of academic institutions have remained reluctant to buy into Occupiers’ Liability Insurance meant to provide cover to pupils, students and workers in their institutions against building collapse.
“Can you imagine the fatal outcome of a school building collapsing on children and teachers when classes are in session? He said
He said that he calamity arising from incidences of collapsed buildings, is the reason for the existence of Occupiers’ Liability Insurance.
He said that Occupiers’ Liability Insurance would transfer the risk of such accident to the insurer, which will take the responsibility of providing the required compensation in favour of the assured.
The insurance expert, advised Nigerians to imbibe the culture of insurance, noting that those who bought into life insurance during their productive age stand the chance of a future devoid of financial anxieties on retirement.
He said the development posed great challenge to financial market reporters who are expected to show understanding of the beat they handle.
Ayeni identified low awareness as one of the factors militating against insurance growth in Nigeria, coupled with negative attitude of the public towards the industry.
Ayeni highlighted different dimensions of insurance and application of their policies in education, trading, manufacturing, family interests and other areas, saying that,“You can now buy insurance and pay online without experiencing the logistic challenge that used to characterise the process in the past.”
He, however, debunked insinuations that insurance companies deliberately frustrate their clients by introducing cumbersome process that makes claims near impossible. He argued that such complaints occur when clients defaulted in their own part of the contractual obligations.
Bonny Amadi
