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Chuks Udo Okonta
Worried by the inability
of insurance firms to harness the huge opportunities in the marine sector and
the yearly leakage of over N46, the Marine Office Committee of the Nigerian
Insurers Association (NIA) has made a six-point recommendation to the
association on how to deepen the market.
According to the
committee in a report submitted to the association, companies should encourage adequate
training and exposure of marine underwriters in the international world for
proper skill acquisition.
Underwriters were
also enjoined to develop scientific models for adequate insurance pricing in
line with recommendations of International Union of Marine Insurance (IUMI);
the law enforcement agents should step up security measures within our
territorial waters to combat the menace of piracy and kidnapping that is
threatening the marine insurance portfolio and underwriters should have proper
understanding of the risks that they underwriter and the risk assessment should
be taken seriously.
Other thing the
committee recommended are that modern technology and adequate flow of
communications should be used strategically to reposition the Nigerian
Insurance market against the unhealthy rivalry amongst the underwriters and
that insurance data bank should be developed the NIA for the market.
Observers also called on
NIA to collaborate with government to ensure the provision of electronic
invoices that will be issues to customs, importers and insurers to reduce the
incidences of under declaration in the system and allow for easy monitoring by
concerned stakeholders.
They also canvassed the
adoption of electronic tracking system for the vessels operating in the
nation’s sea ports.
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| Thomas |
NIA’s Director-General, Sunday
Thomas, on the steps adopted by the association to address the challenges, said
efforts have commenced on eradicating fake marine certificates which cost the
industry over N46 billion yearly.
He noted that the
association having made tremendous progress in the deployment of motor
insurance data, efforts have been intensified to deplore marine data which will
be followed by property and other classes of insurance.
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