Niger Insurance partners foreign reinsurers on terrorism cover

Daniel

Chuks Udo Okonta

Niger Insurance Plc is presently working with some foreign reinsurance firms on terrorism cover, its Managing Director Kola Adedeji, has said.

He disclosed this at a press parley in Lagos, adding that some foreign reinsurance firms have approached his company with a proposal to help package products to suit the risks associated with terrorism.

He said the products will be subjected to the approval of the National Insurance Commission (NAICOM), stressing that once they are approved the products will be added to the list of innovative products presently offered by the firm.

Adedeji noted the company had five years ago, embarked on transformation programme, with emphasis on enhanced speed and efficient service delivery, and that it is pleased to note that this hub of transformation agenda has started yielding positive results.

He said the firm has been able to review most of its business operations, and in turn there are clear indices of improved operating performance.

He said the firm is ready to key into the various programmes of the Federal Government and its agencies to maximize its income and add more value to its shareholders and other stakeholders.

 “We plan to launch new products, repackage the existing ones to suit our various clientele and up-grade information technology to integrate our Regional and Branch offices.

“We have established an e-commerce department and now use ICT to drive our operations. We have adopted e-payment systems for premium collection. We will continue to build business alliances and embark on more aggressive marketing,” he said.

Adedeji noted that the company would not relent on its drive towards human capital development which is key to achieving its overall objectives, stressing that as a major player in the industry, the firm will continue to support the regulatory framework and implementation of its measures and guidelines.

Commissioner for insurance Fola Daniel, at different fora, had called on underwriters to urgently partner local and foreign reinsurance firms to evolve products to help mitigate risks associated with the menace.

“Two years ago, some foreign multinationals began to add terrorism or kidnapping to their portfolio and Nigerian companies were not ready for it.

“This became an excuse for wanting to export 90 percent of such risk abroad. What we did at the commission was to call insurers and let them know that nothing is spectacular about kidnapping that you cannot have an endorsement that will enable you to introduce kidnapping to your portfolio and a few of the companies rose to the challenge and added it to their policies so there is no longer an excuse to take this business abroad,” he said.

He believes the government can serve as reinsurers as is the case in Britain and the United States.

“We threw the challenge to the Nigeria Insurance Association (NIA) to start something, make noise, do write‐ups in the newspaper to let people know that we can do it but need government to augment and this is the case in Britain, it is the case in America and I’m sure the government will listen,” he added.

Having an insurance cover for terrorism in Nigeria may help reassure investors and business owners and eventually attract more economic stakeholders to Africa’s largest economy.