The over 150,000 federal government workers are exposed to risks as they are not under group life insurance cover following the failure of the government to pay their premium.

The Commissioner for Insurance and CEO National Insurance Commission, (NAICOM), Mr. Fola Daniel, made this known yesterday in Ilorin at a seminar for insurance correspondents.

"'No premium, No cover,' and the federal government hasn't paid the group life premium of their staff, effectively they have no insurance cover," Daniel. The group life cover is a compulsory under the Insurance Act (2004).

Thus, the federal government has not only exposed its staff to huge unprotected risks but has also flouted the law.The over 150,000 federal government workers are exposed to risks as they are not under group life insurance cover following the failure of the government to pay their premium. The Commissioner for Insurance and CEO National Insurance Commission, (NAICOM), Mr. Fola Daniel, made this known yesterday in Ilorin at a seminar for insurance correspondents.

With this development, any civil servant that dies or suffers any permanent injury will not get compensation.

But the insurance industry also lost in excess N10 billion in premium, the funds which would have been used for investments.

"The group life for federal government staff last year wasn't paid for. So there is no cover for the workers. The industry is 100 percent compliant," he said.

Daniel however, noted that the government not paying the group life premium opens up a big opportunity for insurance companies. "There is huge market for group life out there but insurance companies spend too much energy chasing Abuja accounts. There are plenty small scale companies that haven't taken this policy," he said.

With this development, any civil servant that dies or suffers any permanent injury will not get compensation. But the insurance industry also lost in excess N10 billion in premium, the funds which would have been used for investments.

"The group life for federal government staff last year wasn't paid for. So there is no cover for the workers. The industry is 100 percent compliant," he said.

Daniel however, noted that the government not paying the group life premium opens up a big opportunity for insurance companies.

"There is huge market for group life out there but insurance companies spend too much energy chasing Abuja accounts. There are plenty small scale companies that haven't taken this policy," he said.