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Chuks Udo Okonta
Insurance practitioners in marine and aviation underwriting have been enriched with requisite knowledge to enable them serve their clients effectively and efficiently.
The 2024 Marine and Aviation Insurance Summit, hosted by the Chartered Insurance Institute in collaboration with Risk Analyst Consultants (UK) Limited, in Lagos recently, provided the practitioners, a robust platform to enhance their knowledge in readiness for top notch underwriting in the marine and aviation insurance business.
Managing Consultant Risk Analyst Consultants (UK) Limited, Dr. (Mrs) Funmi Babington-Ashaye, said the Summit, which was first of its kind in Nigeria, was imperative due to the knowledge gap among professionals in insurance industry especially in the aviation insurance space, where rates are still being determined by the foreign reinsurers.
She submitted that the determination of aviation rate by foreign reinsurers, had to resulted in high premiums for aviation clients.
“This summit presents a pivotal opportunity to bridge this knowledge gap and foster the development of domestic expertise, enabling Nigerian professionals to accurately assess risks, understand the basis of premium computation and have the ability to provide customised insurance solutions for local businesses operating in these two sectors,” she posited.
The President Chartered Insurance Institute of Nigeria (CIIN) Edwin Igbiti, said to enhance the resilience of marine and aviation insurance in Nigeria, practitioners must delve into the intricacies of risk assessment, embrace innovative technological solutions, engage in robust dialogue with regulatory bodies and strengthen their commitments to training and development within their industry.
He said this in a keynote address presented at the event, noting that 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 remarked that however, with great opportunity comes significant risk, a variety that those involved in marine and aviation insurance know all too well.
“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 to 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 posited.
Assistant Director National Insurance Commission, receiving Certificate issued by CII London.
He maintained 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.
He noted that 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 maintained 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.
“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,” he submitted.
The CIIN President noted that the path ahead would undoubtedly be lined with challenges, adding that nevertheless, it is the courage to confront these challenges that has always defined insurance practitioners. “It will require our collective expertise, our unyielded 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,” he added.
Igbiti appreciated the leadership of Chartered Insurance Institute for thinking it through to collaborate with Risk Analyst Consultants (UK) Limited through Past President of CIIN Dr. (Mrs.) Funmi Babington-Ashaye, for coming up with the laudable innovation.
