The Nigerian insurance industry, has paid for the Life Insurance cover worth of N11billion
being the sum assured for Insurance Cover for front line health workers in the battle against COVID-19.
The cover, which is being provided by the insurance industry comprising all Insurance, Reinsurance and broking companies, will cover Doctors, Pharmacists, Nurses and other ancillary personnel and volunteers in the frontline of the battle against the Virus.
Under the cover announced by the Presidential Task Force on COVID-19, the industry is providing Life Insurance for a maximum of 5000 frontline health workers engaged by the Nigerian Centre for Disease Control across the thirty six (36) states of the federation and the Federal Capital Territory, Abuja.
The sector operators said this is in fulfillment of the pledge made to the federal government by insurance industry leaders as part of the industry’s contribution to the battle against coronavirus disease.
The premium of N112.5million, which is for one year coverage has been duly paid in line with the extant law on Insurance contracts especially as it relates to No Premium No Cover.
The life insurance policy document, titled COVID-19 Intervention Team Life Insurance Cover detailing the extent of cover and benefits payable under the policy was earlier submitted to the Minister of Finance, Budget and National Planning. Mrs. Zainab Shamsuna Ahmed by the Acting Commissioner for Insurance, Mr. Sunday Thomas and formally handed over to the Chairman, Presidential Task Force on COVID-19, by a member of governing council of Nigerian Insurers Association (NIA) Mrs. Folashade Joseph and President of the Nigerian Council of Registered Insurance Brokers (NCRIB), Dr. Mrs. Bola Onigbogi in the presence of the finance Minister.
Speaking on the insurance coverage, Director General of Nigerian Insurers Association (NIA) Mrs. Yetunde Ilori, said it was part of the insurance industry’s support to the federal government as the battle against COVID-19 continues.
“This is part of the insurance industry’s support to the federal government as the search for a solution continues. There are other initiatives at the state level and the main idea is that the industry must join other stakeholders in this battle”.
“We thank the federal government for its faith in the Nigerian insurance market as exemplified by its wholehearted acceptance of the policy and to restate our support for other initiatives that will boost the morale of those in the frontline in the fight against this dreaded virus” she added.
Speaking further, she said, “although the insurance programme is the initiative of the insurance industry which also funded premium payment for same, the industry is ever willing to contribute its quota towards the search for a solution to this disease and wish all stakeholders well as the search continues”
She called on all stakeholders to support the government so that the nation can defeat this virus.
“Let us support the government and observe all the safety protocols” she advised.