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The National Insurance Commission (NIC) says it is time government insured all its property. It said this had become necessary in the wake of recent fires that have destroyed the Ministry of Foreign Affairs, national Commission for Civic Education, and the Ministry of Information among other places.

In a statement signed by Mrs Nyamike Kyiamah, acting Commissioner of Insurance, to console the former first family on the recent fire which destroyed their houses and property, the commission said: “As we monitor developments and public reactions, especially in the media, one thing that is coming up clearly and strongly is the issue of insurance for government properties.”

The statement said, “it is time government took a critical look at this issue in the light of other fires that have occurred in recent times.”

It said the Insurance Law of Ghana, Act 724 made provision for compulsory fire insurance for “commercial buildings.”
The statement said, “while the insurance industry is working hard with other stakeholders to fully implement this statutory provision, the bulk of government buildings, vehicles and other properties remain uninsured.”

It indicated that, “this situation places a great burden on the public purse by way of replacing or repairing such properties in the event of accidental loss or damage or when government is liable to pay compensation to victims of accidents.”

The NIC said the insurance industry was ready to dialogue with the government and stakeholders on the issue of insurance for “various insurable risks,” carried by government agencies and departments on concessionary terms.
Source: The Ghanaian Times/Ghana

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