NAICOM Fine Tunes Plans to Inaugurate Public Asset Insurance Pool
The National Insurance Commission (NAICOM), plans to inaugurate a pool for insurance of federal government assets.
The Commissioner for Insurance, Alhaji Mohammed Kari, who disclosed this in a brief interview with THISDAY recently in Abuja, said the proposed pool, when fully in operation, would give insurance firms who met the requirements equal chance of participating in the insurance of public assets.
He also said it will address the present practice of local insurers wanting to reinsure their big ticket businesses abroad instead of insuring such businesses in Nigeria.
According to Kari, the pool would cover insurance of big assets of federal government such as aviation and big structures of government like Federal Secretariat building.
He however, said NAICOM is yet to come up with guidelines and requirements for participation in the pool.
Meanwhile, insurance industry operators said the idea of forming public Asset Insurance Pool is the best thing that has happened to the industry.
Operators, who spoke to THISDAY on this, said it will bring to a stop the long standing unhealthy competition and all the professional malpractices associated with Public Asset Insurance underwriting.
According to the Managing Director, Niger Insurance Plc, Mr Kolapo Adedeji, it is good for the industry and will ensure that operators who qualify for the business get their desired market share.
He also said it will enable each underwriter find his own level in the business.
Over the years, participation in the public sector asset insurance has been a major source of unhealthy competition and unprofessional practices in the country.
Insurance managers, year in year out, race to participate in the business at all cost.
This has seen many going against their professional will by involving themselves in professional vices such as rate cutting, bribing of government insurance agents as well as buying of premium from government officials to the extent that some of them, in their bid to corner such government accounts, give rates that they know will not enable them pay claims from such businesses when they arise… Read more
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