According to reports by The Nation publication, the National Economic Council (NEC) is considering insuring Nigerians from unanticipated natural disasters like earthquakes and floods.
The NEC is currently being chaired by Vice-President Kashim Shettima, who rectified the decision to insure Nigerians against natural disasters during its council meeting on November 23rd, reports The Nation.
Atiku Bagudu, the Minister of Budget and Economic Planning, disclosed that African Reinsurance will be given the additional responsibility of providing insurance against natural disasters for Nigerians.
The Nation has reported that the decision to consider African Reinsurance was informed by the company’s “support to Morocco” during the earthquake that struck the North African nation in September.
Bagudu commented, “Among other items, the National Economic Council under the chairmanship of His Excellency Vice President, Kashim Shetima considered, was a presentation by the Chief Executive Officer of African Reinsurance which is the leading insurance company in Africa. They made a two-fold presentation; one on natural catastrophe insurance that can be utilised to protect the nation against natural catastrophes like flooding and other disasters.
“This is particularly so, as observed by the vice president, that Morocco recently had a devastating earthquake and Africa Reinsurance, leading other insurance outfits, provided over $270 million support for those who were affected because they were insured and His Excellency felt this is an opportunity for Nigeria to also introduce natural catastrophe insurance with the likelihood the Nigerian government will provide the support in that regard.”
According to reports, the minister added that the proposed policy would also benefit small-scale holders, pastoralists, and Nigerian farmers.
