'Nigerian Insurers Have Capacity to Cover Ebola'

Soladoye

By Sola Alabadan

As Nigerians and people around the world continue to dread the Ebola Virus Disease, Managing Director, Riskguard Africa Limited, Yemi Soladoye, has assured that the Nigerian insurance sector has the financial and technical capacities to underwrite the risk.

Soladoye, a consultant to the National Insurance Commission (NAICOM), gave this assurance during an exclusive chat with Daily Independent in Lagos.

He said it must be understood that "Insurance is both a commercial and social business hence granting life insurance cover to the medical practitioners is not a matter of 'may' but that of 'shall'."

He emphasised that the Nigerian life insurers are not just the highest capitalised in Africa but also having the largest number of professionally qualified practitioners in the continent, the industry has all what it takes to underwrite the risk.

Soladoye, who also pointed out that the spread of ebola would definitely have effect on life insurance depending on who is looking at it, stated that "While another underwriter will see it as a threat, I will see it as an opportunity and God knows within the next two months promised by our president to eradicate same, I would generate N4 billion from Nigerians. Insurance is generally a fear product and the fear is already here and not just at state or national level but sub-regional level- West Africa for a start."

The consultant to NAICOM further maintained that "Insurers can grant cover to ebola patients because in Kenya and South Africa, insurers grant cover to HIV positives. Ebola is an epidemic not a disease and so like cholera etc will soon pass. Even at that, insurers in other jurisdictions grant cover for existing deformities and dreaded diseases."

Although he could not confirm whether any Nigerian insurance company is granting cover to HIV positives at the moment, he added that "no insurance industry can grow if the operators are only risk carriers by signboard but are risk averters in practice. Market growth and expansion can only come from unusual risks, new markets and underserved markets."




Source: Daily Independent