Expert suggests ways to strengthen marine, aviation insurance in Nigeria

INSURERS have been urged to adequately understand the web of risk assessment, embrace innovative technological solutions, engage in robust dialogue with regulatory bodies and strengthen their commitments to training and development to enhance the resilience of marine and aviation insurance in Nigeria.

President of Chartered Insurance Institute of Nigeria (CIIN), Edwin Igbiti, stated this in a keynote address presented at the Summit on Marine and Aviation Insurance, organised by Risk Analyst Consultants (UK) Limited, in collaboration with the Chartered Insurance Institute, United Kingdom, in Lagos.

Igbiti said the seas and skies form the arteries of the global economy, stressing that it is upon these vast expanses that the lifeblood of international trade flows freely, connecting continents and providing the channels through which economic prosperity is pursued, achieved and sustained.

He added that with great opportunity comes significant risk, a variety that those involved in marine and aviation insurance know all too well.

Igbiti said, “Here in Nigeria, we stand in a unique position. Our country, graced with expansive coastlines and a strategic position in African aviation, is poised at the heart of an evolving narrative – one that speaks of growth alongside challenges. I believe you will attest to this during your tour of some of our airlines and seaport.

“The question then is not whether we will face these challenges, but how we will respond to them when they arise.”

He submitted that the marine and aviation sectors are fraught with complexities, from the volatile nature of the sea and air to the intricate legal and regulatory frameworks that govern these industries, adding that professionals in this field need a deep understanding of these industries.

“These insurance policies are not only essential for financial protection but also contribute significantly to the safety and sustainability of these global sectors,” he added.

According to him, the responsibility of insurers is philosophical, as they serve as the safeguard against the unpredictable, the shield in times of turmoil and the providers of peace of mind in an inherently uncertain world.

He said that in the marine insurance realm, operators have witnessed the ripple effects of global events on their local markets, stressing that the shifting tides of international trade agreements, piracy concerns off coasts and the ever-present threat of environmental calamities are but a few of the realities insured against daily.

Igbiti stated, “On the aviation front, our skies are busier than ever. As the demand for air transport rises hand-in-hand with technological advancements, the onus lies on us to develop insurance products that not only meet the needs of today but also anticipate the demands of tomorrow.

“Each vessel that embarks upon the waters, each aircraft that takes to the skies, carries with it the aspirations of Nigeria. They carry our people, our goods, our hopes and with each journey, they carry the trust that we, as insurers, have done our utmost to protect those aspirations from harm.

“At this summit, it is incumbent upon us to fortify this trust; to discuss, debate and determine how we can enhance the resilience of marine and aviation insurance in Nigeria. We must delve into the intricacies of risk assessment, embrace innovative technological solutions, engage in robust dialogue with regulatory bodies and strengthen our commitment to training and development within our industry.”

The CIIN president said the future would be lined with challenges, adding that the courage to confront these challenges has always defined insurance practitioners.

He saidd, “It will require our collective expertise, our yielded commitment to excellence and our unwavering belief in the capacity of the Nigerian insurance sector to not just weather the storm but to navigate it with assurance.”

Igbiti lauded the Chartered Insurance Institute leadership for thinking it through to collaborate with Risk Analyst Consultants (UK) Limited through past President of CIIN, Dr (Mrs) Funmi Babington-Ashaye, for embarking on the programme.

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