Nigeria: Leveraging Insurance Policies to Combat the Challenge of Out-of-School Children

Nigeria: Leveraging Insurance Policies to Combat the Challenge of Out-of-School Children

By Ahmad Hadizat Omayoza, Mamos Nigeria

In a recent address at the investiture ceremony of the 14th Western Area Committee Chairman of the Nigeria Council of Registered Insurance Brokers (NCRB), Babatunde Oguntade emphasized the pivotal role of insurance policies in mitigating the issue of out-of-school children in Nigeria.

Oguntade underscored the importance of embracing insurance policies across various sectors to minimize risks. He highlighted the necessity for stakeholders to promote insurance as a fundamental tool for risk reduction, whether in business ventures or human capital development.

“Catastrophic events and losses can have profound impacts, both economically and in terms of human resources. However, insurance serves as a vital safeguard at both macro and micro levels,” Oguntade stated. He emphasized that even small-scale traders can benefit from insurance coverage to mitigate losses effectively.

Furthermore, Oguntade emphasized the significance of life insurance in sustaining families in the event of the breadwinners’ demise. He noted that such provisions could ensure the continuity of education for children and reduce the prevalence of begging among vulnerable populations. Additionally, insurance policies can play a crucial role in restoring businesses following unforeseen setbacks.

Oguntade reiterated the commitment of insurance brokers to raise awareness and assist clients in obtaining value-driven insurance solutions. He emphasized the enduring support provided by brokers throughout the policy lifecycle, from inception to business continuity.

In his inaugural address, the newly appointed Chairman, Gafaar Akindele, echoed Oguntade’s sentiments, urging Nigerians to recognize insurance as a vital means of safeguarding lives and properties. He dismissed the misconception that insurance companies routinely reject claims, highlighting the prompt settlement of claims by many firms within a 72-hour window upon complete documentation.

Akindele encouraged individuals with legitimate insurance claims that had been denied in the past to seek assistance from the NCRB, emphasizing the council’s commitment to ensuring fair and efficient claim settlements.

In conclusion, leveraging insurance policies not only mitigates risks but also contributes significantly to addressing social challenges such as out-of-school children. By fostering a culture of insurance awareness and accessibility, stakeholders can empower individuals and businesses to navigate uncertainties effectively, ultimately fostering sustainable development and resilience within Nigerian communities.

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