Firm to cover more risks

General Manager/ Chief Executive Officer, Nigeria Liability Insurance Pool, Mr. Peter Aluko, has revealed that the firm is expanding its operation to cover emerging underwriting risks in the country.
Speaking during an international seminar with the theme ‘Emerging liability insurance risks’ he further said that the firm looks to take on emerging liability risks in the area of oil & gas, aviation, marine and engineering insurances to boost its operations.

In order to expand its areas of operations from the conservative motor, workmen compensation (removed to Nigerian Social Insurance Trust Fund), public liability/professional indemnity policies, and others, he said the pool had continued to look outward to attract to its lines, more liability insurance policies.

He listed the targeted policies as contingent employers’ liability (developed to cater for the common law aspects hitherto not covered by the WC); directors and officers’ liability; builders and occupiers liability.
Aluko further revealed that the pool was established to locally underwrite whose policies were rejected by foreign insurers and they are motor, workmen’s compensation, public/product liability and liability aspect of contractors’ all risks.
He noted that the objective of the founding father hinged on how to build up local capacity on the policies; gather the requires experience in the areas and locally conserve foreign exchange.
“The pool’s modus operandi is likened to a quasi-reinsurer to the members,” he said.

He pointed out that in spite of all the environmental, economical and political challenges in the society over the years (for instance, the recapitalisation exercise of 2007 in the industry which resulted in several mergers and acquisitions), the pool still continued to wax strong.
Aluko said, “No doubt, of all the several pools established in our industry in the last three decades, Nigeria Liability Insurance Pool has been one of the very few that have passed through the thick and the thin. Presently, we are in the stage of intensive consolidation and expansion.”