Insurance

Group calls on underwriters to pull out of brokerage, loss adjusting businesses

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Chuks Udo Okonta

For underwriters to uphold high professional standards they must relinquish their interest in loss adjusting; brokerage; loss assessing and pre-loss survey firms, a group has canvassed.

The Fire Office Committee of the Nigerian Insurers Association (NIA) made the recommendation in a report it submitted to the association. It noted that the relinquishing of interest by underwriters will pave way for excellent corporate governance.

The committee also advocated the need for companies to entrench good internal controls; effective risk management and strong corporate governance, stressing that firms with the aforesaid are more resilient to turbulent financial conditions than poorly managed institutions.

It called on boards and senior management of underwriting firms to ensure their companies operate in accordance with sound business and financial practices.

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