The federal government has solicited the collaboration of insurance industry operators in infrastructural development in the country. It said only contractors with prove of compliance with Workmen Compensation Act would be allowed to work in government ministries.
Workmen compensation is an insurance cover put in place by employers for their employees against injury at workplace. The policy was in 2010 transferred to the National Social Insurance Trust Fund (NSITF) and has currently yielded about N60billion premium according to records.
The Minister of Power, Works and Housing, Mr. Babatunde Fashola stated at the 2016 National Insurance Conference organised by the Insurance Industry Consultative Council ( IICC) in Abuja that insurers can contribute to the infrastructural development through investment in infrastructural projects and insurance of different stages of the projects across the country.
He told the insurers that infrastructure does not begin and end with road and power but also includes housing, health care among others. He also said that beyond housing, insurers can go into mortgage financing insurance, which is the retail branch aspect of the business.
Fashola charged the insurers to develop higher spirit of creativity and innovativeness in order to develop products that meet the present day business demand. He said they are in position to do this because of availability of long term funds and the need for the industry to expand its horizon in investments business.
He further noted that there are a lot of opportunities for insurance in infrastructural development adding that in terms of risk bearing opportunity, policies on infrastructural insurance alone can only be limited by the operates’ lack of imagination and enterprising spirit.