Insurers seek intervention fund to underwrite terrorism, kidnapping risks

Chuks Udo Okonta

Insurance companies need a relief in form of intervention fund from the government to enable them underwrite terrorism, kidnapping and other emerging risks, the President Chartered Insurance Institute of Nigeria (CIIN) Dr. Wole Adetimehin, has canvassed.

He disclosed this at a media parley in Lagos, adding that the intervention fund has become necessary due to the devastating and very catastrophic nature of such risks.

He noted that some insurance companies, are working on how to evolve suitable packages for such risks, and that the operators are robbing minds with experts abroad on how such risks can be effectively covered.

He said: "By our roles and responsibilities under our charter, we should be seeing at all time packaging the right curriculum and develop programmes for all stakeholders. Not only that, our global exchange programmes has always focus on these areas.

"I remember when we were in South Africa, we had brain storming sessions and in that pariticular entourage, we had a reasonabe number of insurance executives, we had solid sessions, met with companies, on underwriting of terrorism, kidnapping and other political risks.

"I want to believe that, quite a number of the companies, must be working on evolving suitable packages. I had at different fora, canvassed the need for governement provision of intervention fund. This is because, some of these risks, if they become a reality, their effects will be devastating and very catastrophic and the only way at the formative stage is for government to come up with a type of intervention fund, that will provide relief to insurance companies stakeholders, that will be willing to underwrite these kinds of risks.

"I can tell you that we are not relenting on our efforts, and we are not relying only on our own local capacity, we are robbing minds with experts beyond our shores"
He noted that unique products would be evolve to carter for the emerging risks, stressing that operators would continue to collaborate to provide suitable cover for the public.