IICC Symphatises With Flood Victims, Advocates Insurance For Businesses

The Insurance Industry Consultative Council (IICC) has sympathised with flood victims across the country, even as it charged entrepreneurs to insure their businesses against risks.

The chairman of IICC, Edwin Igbiti, who stated this, at the 2022 Training on Compulsory Insurance in Benin City, Edo State, at the weekend, said the major risk that is bedeviling the country among others presently is the flooding menace, saying, the current flood has caused major havocs and death.

Igbiti, who is also the president of the Chartered Insurance Institute of Nigeria(CIIN), said: “the IICC seize this opportunity to sympathise with all the victims across the country and believe that insurance companies will play their expected roles in ameliorating the effect of the losses and damages done promptly, as I know they are currently warming up to process huge claims from recent floods that ravaged some states.”

This development, he added, further emphasised the need to insure, such that, insurers can replace the lost and damaged assets in times like these.

“It avails us the opportunity to resonate the benefits of insurance to Nigerians. It is for times like these that we embrace insurance so as to have adequate compensation of losses incurred,” he said.

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Stressing that insurance stimulates business activities to operate in a cost-effective manner, by managing risks associated with business operations, he added that, insurance sector safeguards the assets of its policyholders by transferring risks from an individual or business to an insurance company.

Insurance, he pointed out, offers income, life and property protection to the insured and their needs, as well as income accumulation that can be used at retirement to help preserve the desired lifestyle of anyone.

Insurance, according to him, is a global entity and its values and benefits are numerous to the existence of mankind, adding that, insurance stimulates business activities to operate in a cost-effective manner, by managing risks associated with business operations.

He said the training was organised to educate insurance practitioners and the public on the mandatory insurance policies and the benefits therein.