With the present and future in focus, the Nigerian Liability Insurance Pool has berated the insurance market for accepting “the current prevailing rat race of unhealthy competition.”
Instead the market is challenged “to map out strategies that would further deepen penetration of insurance in Nigeria.” This charge was rolled out by the chairperson, Nigerian Liability Insurance Pool, Ms Adetola Adegbayi, (pictured) at the AGM of the Pool held in Lagos yesterday. She said the fragility of the Nigerian economy and the worsening effects of the security should impress it on the operators that unhealthy price competitions is timed out.
Turning to the members of the Pool which they proudly refer to as the only surviving pool in Africa, she said: “The Pool will continue to provide the balancing factor for risks underwritten by members.”
Also required she said, is significant partnering with members to ensure improved cessions of policies like professional indemnity, directors’ and officers’ liability, occupiers’ and builders’ liability as well as contingent liability to the Pool.
Pointing to the work ahead in line with the current opened 5-year plan that commenced in 2020, Adegbayi enjoined members to “brace up and work out measures such as enlightenment programs and seminars that would further strengthen its income as well as attract new members to join the Pool.