The Executive Secretary, Nigerian Council of Registered Insurance Brokers (NCRIB), Mr. Fatai Adegbenro has called on government to use insurance to mitigate risks as against making budgets for emergencies.
Adegbenro said this at the Annual Lecture of Actuarial and Insurance Students of the Lagos State Polytechnic, Ikorodu, stating that with insurance, the government would be able to free funds for development of other sectors.
Adegbenro who was speaking on the theme: “The Role of Insurance in an Emerging Economy,” said that insurance allows different risks to be managed more efficiently, encourages loss mitigation and enhances peace of mind and promotes financial stability.
He stressed that insurance helps relieve the burden on government for providing all services of social protection to citizens via social security systems, facilitates trade and commerce, supporting businesses and economic growth and development.
Adegbenro added that insurance helps mobilise domestic savings, creates employments and foster efficient allocation of capital. “It is indeed important to remember why insurance is so pervasive (and usually voluntarily) in the developed world today and increasing its presence in the developing world because it answers some of our most basic needs and it is generally less costly in the long run to be insured than uninsured,” he said.
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