The Senate is shining its spotlights on the insurance business in Nigeria. A motion sponsored by Ahmed Ogembe seeking to make the implementation of insurance compulsory in the country as stipulated in the insurance act and regulation is been debated in the red chamber. The Senate notes that the insurance schemes are made mandatory to take care of third party liabilities arising from people’s actions.
Day in day out, accidents happens whether domestic or not, some of them very ghastly leading to lifelong injuries or death. Most of those involved many times never get paid any insurance simply because they were never insured, or where they are insured never get fully paid.
All that may be about to stop the Senate in plenary Tuesday maintains that the country is grossly under insured and basically Nigerians do not take advantage of services rendered by this sector.