AIICO Insurance partners AIG on kidnap and ransom simulation

From left: Ope Olusa( Head, Special Risk, AIICO ), Jon Gregory(AIG,UK),Moruf Apampa (GM, Corporate Business, AIICO), Tunde Fajemirokun (ED, AIICO), Nomusa Ramishu (AIG, SA)Edwin Igbiti (MDCEO, AIICO), Philip Hobson(AIG,SA), Alex Kemp (NYA), Joseph Oduniyi (Head, Technical Non-Life) at the event.

Chuks Udo Okonta

　

AIICO Plc in partnership with AIG and Crisis Management Consultants, NYA held a simulation exercise on Kidnap and Ransom Insurance.

The event which took place at SOHO restaurant, Intercontinental Hotel, Victor Island, Lagos was attended by AIICO, AIG and NYA representatives, insurance specialists and brokage firms.

Kidnapping and extortion are significant threats to organisations and those who serve them around the world. Properly managing a kidnapping, extortion or other crisis event is essential in protecting the life and well-being of a victim as well as an organization’s assets.　

K&R insurance is designed to protect individuals and corporations operating in high-risk areas around the world and is a reimbursement policy. The policy does not pay ransoms on the behalf of the insured. Typically, the insured must first pay the ransom, thus incurring the loss, and then seek reimbursement under the policy.

While giving his welcome speech, the Managing Director/Chief Executive Officer (CEO) AIICO Plc, Edwin Igbiti, said: "It is sad, though true, that Kidnapping has really become a big business. It is one of the world's most highly specialized and secretive occupations, where every decision can determine whether someone lives or dies.

"The essence of this exercise is to arouse our interest in the product, create awareness and serve as a promotion program for the product. It will equally expose us to the various risks, dynamics and intricacies of the business of kidnapping and how best to handle, manage and mitigate the identified risks".

He also emphasized that the event was a simulation exercise and not a product launch.

General Manager Corporate Business, Moruf Apampa, in his closing remark stated that AIICO and AIG are bringing the long awaited product closer to Nigeria by organising the simulation exercise which is essential and necessary for its entrenchment in our market.