Ebere Nwoji
Insurance experts have said that increasing frequency and severity of local and global risks, especially emerging risks like climate change, and cybercrime is drawing focus on the insurance industry’s capacity and readiness to react as financial safety nets for businesses.
According to them, in recent times, most insurers are realising that reacting to risks may not be good enough and are undertaking transformation efforts aimed at preventing losses from happening in the first place.
The experts harp on risk preventive mechanism as the preferred way to run insurance firms.
Nigeria’s, National Insurance Commission (NAICOM) often emphases on what it tagged, Enterprise Risk Management mechanism among insurers as a way of preventing risk occurrence.
The commissioner for insurance, Sunday Thomas, recently released a framework to serve as a guideline on Takaful insurers and reinsurers.
The commission said in doing this, it intended to establish minimum risk management standards for Takaful and retakaful operators.
In the new business year, finance experts said the severity of emerging risks in the area of climatic change and cyber crime is most like going to…
