An insurance expert, Ekerete Gam-Ikon says if passengers in the recently attacked Abuja-Kaduna train by terrorists are insured, there will be less burden on government and the victims’ families.
Mr Gam-Ikon made this known in an interview with the News Agency of Nigeria on Monday in Abuja.
“If the passengers, tracks and locomotives are insured, then there will be less burden on government and families of the victims.”
According to him, the importance of insurance cannot be overemphasised, although many people are still ignorant of what insurance can do.
Gam-Ikon said that if there were victims who were employees of organisations that had Group Life Assurance policy, their dependants and relatives would be enlightened on the procedure to receive due compensations according to the relevant laws.
He however called on insurers to do more enlightenment to educate the masses and government on the importance of insurance.
”If the government assets were not insured by actually making premium payments when due, the Federal Government will need to provide funds outside the budgetary provisions to repair the national assets.
”The government should be reminded that insurance of national assets helps to ensure that budgetary provisions are not affected.
‘The implication of trying to do this within budget means that other aspects of the budget will be suspended.
”Insurance works and the insurance industry in Nigeria is ready to respond positively when insurance contracts are valid.
“As it looks, insurers will have to do work more to communicate the value of insurance.
”The test of the capacity of insurers always begins with the response to claims; so these are certainly missed opportunities for insurers to prove their financial strengths.
“Thus far, what we have seen and heard from officials does not indicate that the national asset was insured.
”Or have they all forgotten that these assets were insured and insurers should be called upon to respond.”?
Meanwhile, a senior government official, who spoke with NAN on condition of anonymity, said all passengers who boarded the AK9 train bombed by terrorists on March 28, were insured but not against terror attacks.