Insurance

Dearth of professionals threaten marine insurance business

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Chuks Udo Okonta

The insurance industry is deprived of billion of Naira yearly due to dearth of professionals in marine business.

Inspen gathered that there is reduced knowledge of marine insurance amongst insurers, paving way for unethical practices and low profitability in the business.

According to a report by Marine Office Committee of the Nigerian Insurers Association (NIA) there is an urgent need to train dedicated staff continuously on special risks especially marine. The committee noted that there is presently dwindling knowledge of marine insurance in the market.

The committee stated that staff mobility often disrupts staff knowledge and intrudes continuity of designated activities.

On effects of the challenge on marine business, the committee noted that there is presently low concern for inspection and survey of vessels by insurers prior to commencement of cover.

It also maintained that there is uncoordinated rate of “fly by night” firms which dictate the terms in the business.

Unprofessionalism, also pushes underwriters to accept requests to plunder or delete important terms and conditions in marine business.

According to the committee, operators engage in importation of extraneous terms, which erode the specialty nature of marine insurance.

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