The Nigerian Insurers Association (NIA) has commiserated with victims of the fire incident at SPAR Mall in Calabar, Cross River.
Mrs Ebelechukwu Nwachukwu, Chairman of NIA, in a statement on Tuesday sympathised with affected business owners, employees, families, the Cross River Government and residents.
Nwachukwu described the incident as a major setback to affected businesses and economic activities in Calabar and the state.
“Our hearts go out to everyone affected by the fire outbreak at the Calabar Spar Mall.
“Watching the destruction of vibrant businesses and livelihood assets in a matter of hours is truly heartbreaking.
“As an industry, we stand in full solidarity with the victims during this painful time, and we extend our prayers and support to the affected business owners as they navigate this challenging period,” she said.
Nwachukwu, who is also Managing Director of Rex Insurance Ltd., urged individuals, Micro, Small and Medium Enterprises and large businesses to prioritise risk management.
She said fire outbreaks, equipment failures and other unforeseen operational disruptions remained major threats to business continuity.
According to her, while safety protocols and preventive measures are essential, comprehensive insurance coverage provides financial protection when catastrophic losses occur.
She recommended commercial fire, special perils and business interruption insurance policies to protect businesses against financial losses.
“Incidents of this magnitude underscore why insurance is not an optional luxury, but a vital economic shield.
“Rebuilding after a catastrophic loss without insurance coverage places an overwhelming financial burden on enterprise owners.
“We strongly urge every individual, trader, property owner and corporate entity across the country to secure adequate insurance coverage.
“This will help protect their assets, ensure swift recovery and safeguard their financial future against unforeseen events,” she said.
Nwachukwu reaffirmed NIA’s commitment to collaborating with regulatory authorities, disaster management agencies and private sector stakeholders.
She said the collaboration would promote risk awareness and strengthen insurance penetration across the country.
Nwachukwu assured affected policyholders that NIA member companies would work to expedite claims verification and settlement processes.
She said this would support early recovery and reinforce the industry’s commitment to financial resilience among Nigerians.
themomentng reports that the SPAR Calabar Mall fire occurred on Saturday following a reported explosion within the shopping complex.
