Osun State government has assured insurance brokers of its continuous support to their efforts in strengthen the financial management objectives of the state.

The state governor, Ademola Adeleke, gave the assurance during a courtesy visit by the Nigerian Council of Registered Insurance Brokers (NCRIB) in Osogbo, led by its president, Babatunde Oguntade.

The head of corporate affairs department, NCRIB, Dele Ayeleso, said this in a statement on Thursday in Lagos.

Mr Adeleke said that the state government had always recognised the place of risk management in ensuring that effective utilisation of resources were achieved.

Mr Adeleke emphasised the pivotal role of risk management in facilitating the efficient allocation of resources within the state.

Recognising the current challenging economic landscape, he underscored the critical importance of engaging the insurance sector as a means to safeguard assets owned by individuals and corporations, including those situated in Osun State.

Acknowledging the NCRIB’s role in upholding ethical and professional standards among brokers, Mr Adeleke lauded the council for instilling public trust in their services.

He further committed to launching e-third-party insurance in the state, a move aimed at improving the management of third-party motor liabilities and fueling the growth of insurance brokers, thereby contributing to the nation’s Gross Domestic Product (GDP).

In response, NCRIB president, Mr Oguntade, praised the state for its favourable disposition towards insurance brokers.

He urged the governor to expedite the enforcement of sections 64 and 65 of the Insurance Act, particularly concerning the mandatory insurance coverage of public buildings and structures under construction.

According to him, this collaborative effort between the state government and the insurance industry is poised to not only enhance risk management practices but also fortify the economic landscape of the state.

(NAN)