NAICOM urges insurers to take initiative on terrorism

From left: Deputy Commissioner Finance and Administration, National Insurance Commission (NAICOM), George Onekhena; Commissioner for Insurance Fola Daniel and Director Inspectorate, Thompson Barineka at the 2014 seminar for Insurance Correspondents in Uyo, Akwa Ibom State.

Chuks Udo Okonta

The National Insurance Commission (NAICOM) has called on insurance companies to quickly rise to the challenge of providing cover for terrorism which is presently the bane of the country.

Commissioner for Insurance Fola Daniel, disclosed this today at the 2014 seminar for Insurance Correspondents in Uyo, Akwa Ibom State. He added that the call has become necessary due to the lost of businesses witnessed in the industry in the past.

He said: “I think insurance companies should take initiative on terrorism before somebody comes up with an agency that will provide for risks on terrorism and they begin to complain of loss of another business.”

He noted that the commission will work with the operators to see that the government supports the initiative as done in other climes.

Daniel urged underwriters to take advantage of the reinsurance package on terrorism and kidnapping presently offered by Continental Reinsurance.

He said the industry has great potential for massive growth, adding that the population size of the country, if adequately harnessed, gives an added advantage to the industry, to further develop its market.  

From left: President National Association of Insurance Correspondents (NAICO), Modestus Anaesoronye Deputy Commissioner Finance and Administration, National Insurance Commission (NAICOM), George Onekhena and Commissioner for Insurance Fola Daniel at the 2014 seminar for Insurance Correspondents in Uyo, Akwa Ibom State.

 Daniel said considerable progress has been made under the Market Development and Restructuring Initiative (MDRI) which commenced in 2009, adding that between 2009 and 2012, policies written rose sharply from 72,180 to 152,181 a whopping increase of 111 per cent.

He said premium written with the period also rose from N14.93 billion to N28.68 billion increase of 92 per cent.