Part of the Dana Air plane that crashed with 153 passengers on board at Iju-Ishaga, Lagos, on June3, 2012.
WorldStage Newsonline-- In their reactions to the Sunday's Dana plane crash that killed 146 passengers and six crew members at Iju-Ishaga, Lagos, insurance experts have called on Nigerians and the government to reconsider their stand on insurance and take it very serious.
Speaking exclusively with Worldstage Newsonline, the Group Managing Director of Crystalife Assurance, Mrs Oluseyi Ifaturoti, noted that insurance had not done very well as expected if it contributes less than one per cent to the nation's Gross Domestic Product (GDP).
She explained that insurance is the only sector that preserves wealth all over the world, yet it is not being embraced in Nigeria.
On the Dana plane crash, she said in a time like this, the families of the victims and the airlines would not suffer if they had insurance policy, adding that the insurance will come as a succour to bear the risk that occurred.
She said that the children education and welfare of the families involved in the crash would not suffer or come to an end if insurance is in place.
On the houses that were destroyed by the crash, she said, they were suppose to have one form of insurance or the other, adding that insurance is compulsory for all persons and things that are important to all.
She noted that companies should have insurance cover for incidents such as this, adding that no company would carry such responsibility of flying people without having an insurance cover.
She noted that insurance companies were the custodian of public fund and also existed to pay only genuine claims.
In most cases, she said Nigerians always want their claims to be paid, but they would refuse to provide necessary documents to back-up their claims.
She said if claims must be paid, the public must pay their premium up to date and insurance companies would then be able provide the needed cover.
She however urged the insuring public to employ the help of experts to interpret the contract document with any insurance company before taking up any form of insurance or the other.
In his reaction, the Managing Director of Oceanic Insurance, Mr. Lafor Olateru-Olagbegi said that the plane crash victims would be adequately compensated if they were covered by adequate insurance, but that there will be no compensation if the there is none.
On the way forward, he called on the government to enforce insurance by working with operators to make insurance compulsory to all Nigerians.
He noted that there are six insurance products made compulsory by the Insurance Act 2003 and other legislations, and that NAICOM intended to enforce these products.
He listed the laws to include: Group life Insurance in line with the Pencom Act 2004; Employers liability in line with the Workmen’s Compensation Act 1987; Buildings under construction-section 64 of the Insurance Act 2003; Occupiers liability insurance –section 65 of the Insurance Act 2003; Motor Third party Insurance –section 68of the Insurance Act 2003; and Health care Professional indemnity insurance under section 45 of the NHIS Act 1999.