Yemsi Izuora
The African Risk Capacity (ARC) natural catastrophe pool said it has completed first reinsurance renewal, on behalf of several African countries.
ARC expanded its pioneering catastrophe insurance pool, through its financial affiliate ARC Ltd, to provide up to $192m in parametric drought cover for the 2015/16 policy year.
More than $70m of that risk will be transferred to the global reinsurance markets, with Munich Re one of the main providers of capacity, via its subsidiary NewRe.
Meanwhile, at home the Nigerian Council of Registered Insurance Brokers(NCRIB) has canvassed for increased insurance awareness and acceptance as a way to manage risks and reduce the incidents of loss as result of physical and natural catastrophes.
The NCRIB is also persuading government and public agencies to significantly support private sector initiative in promoting insurance culture.
President of the Council, Ayodapo Shoderu, who made the remark at its recent Members Evening hosted by Old Mutual Nigeria said, “Once again, we are appealing to government to inculcate the culture of insurance in every citizen as a tool to manage risk and preserve our precious national wealth.”
In the same vein, Government should also partner insurance industry to enforce all the compulsory insurances.
Shoderu who emphasised the importance of insurance in any society observed that everything worth having is worth insuring.
The president recalled that “about two weeks ago our nation was again plunged into deep mourning as we lost eight students of Olabisi Onabanjo University and four post-UTME candidates of the institution in a ghastly accident at Ilishan Junction along Sagamu/Benin Expressway.”
“It was terrible and shocking. We are using this medium to call on government to find lasting solution to such avoidable accidents on our major roads. You will recall that a couple of months ago, the nation’s news media was awash with gory tales of tanker drivers accidents affecting the nation’s economy as goods and properties worth billions of naira went down in the ensuing inferno.”
The unfortunate part of these incidents was that most of the affected properties and lives involved were not adequately insured, he noted.
“Although, insurance may not prevent death, the trauma of dependants after the loss of breadwinners, could be avoided if insurance has been given its rightful place.”
