Insurers call for revival of industrial sector

Operators of the insurance industry have joined other trade groups in appealing to government to tackle the problems of infrastructure decay in the economy in order to reduce the high cost of doing business in the country.

According to risk managers, insurance business being a service industry thrives when other sectors are growing but poor infrastructural facilities such as bad road, epileptic power supply impact negatively on all businesses and quality of life, thereby increasing the quantum of losses to the industry in terms of rise in claims payment.

The Managing Director and chief executive, STACO Insurance Plc, Dr. Sakiru Oyefeso, lamented the league of industrial firms that have closed down due to the unfriendly business environment including those in the production of textiles, factories producing tyres, batteries, automobiles, aluminium, papers among others.

He said that these are corporate organisations who actually insure their assets, production lines, employees, they import machineries and raw materials, they take up insurances for their employees and pay the premiums.

 

BD/Abubakar Mohammed