The incessant fire outbreaks in markets across the country have driven more petty traders to take up fire insurance covers.
The Managing Director, Niger Insurance
Plc, Mr. Kola Adedeji, said there had been an increase in premium
collected and claims paid as a result of market fire incidents.
He attributed the rise to the awareness
among shop owners and petty traders that they could get substantial
compensation if they suffered losses.
“People are seeing the need now to have
that kind of financial protection, most of the small traders in the
central markets now have fire insurance cover for their shops.
Sometimes, the premium they pay is as low as N16,000 per annum and we
pay compensation to them in millions,” Adedeji said.
Many big markets have been shut down
over the years as a result of fire incidents, which have exposed the
poor safety measures and inefficient fire fighting capability in the
country.
