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| Daniel |
Chuks Udo Okonta
Worried by the unending spate of bombings and other
terrorist acts in the country, the
Commissioner for Insurance and helmsman of the National Insurance Commission (NAICOM)
Fola Daniel, has tasked underwriters to urgently do something about risks
associated with the menace before the business is ceded from them.
Daniel who spoke at an event organised by NAICOM recently
in Uyo, called on underwriters to forestall similar incidences where their
businesses have been taken away and should not give room for another agency to
take this class of business.
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.
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| Soladoye |
Echoing him, Managing
Director, Riskguard Africa Limited and National
Technical Adviser, Insurance Consumers Association of Nigeria (INSCAN) Yemi
Soladoye, advised
insurance operators to identify available opportunities embedded in the crisis
instead of staying away from it completely.
He told The New Telegraph that although
terrorism insurance was an excluded terrain under a typical insurance cover,
the operators could still come together, develop a product and also bring in
the government so that if the level of compensation reached a certain level
then the government could come in to support them.
“It is always like a
disaster, something like flood. What the government does in that case is to
create something like a national insurance company to handle such disasters.
The underwriters themselves can also come together by creating something like a
pool or a company for that purpose and enter into an agreement with the
government so that there would be succour for people
suffering from that.
“Basically, what they need to do from the present situation is for
the insurance industry to see it from the angle of opportunity, create products
and provide the necessary cover,” he said.
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