Chuks Udo Okonta
The Nigerian Insurers Association (NIA) has mapped out measures
that would enable underwriters take advantage of the opportunities provided by
the menace of kidnapping and payment of ransom by victims, Inspen has learnt.
Director-General NIA, Sunday Thomas, who disclosed this
said, the association has organised a training program to sensitise all
insurance and reinsurance companies on the need and relevance of kidnap and ransom
insurance in the country.
He noted that the umbrella body of underwriters is hoping
that insurers would soon begin to provide covers for these categories of risks.
He said: “The Secretariat has organised a training program
to sensitise all insurance and reinsurance companies on the need and relevance
of kidnap and ransom insurance in our environment.
“We expect that members will leverage on the training to
enable them grant cover on these lines of businesses.”
While operators are strategising on how to evolve the products to suit
these risks, there are worries in some quarters on the profitability of the risks.
The Managing Director of an underwriting firm, who would not like to be
named, said: “People talk of emerging risks kidnapping and terrorism, when
insurers develop products along these classes of risks how many Nigerian would
buy them. Note that insurance thrives on a large number, if only few individuals
buy these policies the aim would be defeated.”
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