'COVERING THESE AREAS WILL HELP STABILISE THE ECONOMY'

Foreign insurers from the UK are in Nigeria discussing with local insurers and brokers for platforms to provide cover for the emerging risks of terrorism and kidnapping, reports BusinessDay. At least, one deal has been signed between Afro-Asian Insurance, a UK firm, and Insurance Brokers Limited, a Nigerian firm owned by Oladipo Bailey. Before now, other re-insurance brokers from Lloyds of London had visited Nigeria and had meetings with FBN Insurance Brokers Limited and Continental Re-insurance plc, which focused on strategies to develop policies for terrorism, including kidnapping, among others.

Terrorism, as a risk, was before now not given consideration, partly because it is usually funded by government in some jurisdictions on account of the size of risk exposure. But with the upsurge in the activities of Boko Haram, insurers have seen an opportunity and are taking a fresh look at things. According to Chris Davis and Peter De Kersaint Giraudeau, who led the Afro-Asian delegation to Nigeria, insurance coming to absorb the shock by providing risk in these areas would help stabilise the economy and make the environment conducive for local and foreign investments.

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http://www.234globe.com/story/283/Foreign+Insurers+Enter+Nigeria+to+Provide+Cover+for+Terrorism%2C+Kidnapping.html