In her address during a media conference last week, NCRIB President, Ms Ekeoma Ezeibe, said that the government must lead by example in complying with compulsory insurance requirements for public assets.
She pointed out that the Nigerian Insurance Industry Reform Act 2025 provides for compulsory insurance of government assets and empowers the regulator to enforce compliance.
“If we do not insure the critical assets of our nation, then it means that in times of shock, there is no resilience,” she said.
Damage to or destruction of critical infrastructure, such as power plants, ports and railways, makes it imperative to ensure that they are adequately insured against potential risks.
She said the insurance industry would continue to engage government institutions and regulatory authorities to address gaps in the insurance of public infrastructure and ensure that the law is translated into practical action.
This is one of several calls sounded by the NCRIB for public assets to be insured. The association has previously expressed concerns that the government was not insuring its assets despite budgetary allocations made for insurance premiums.