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LASACO to promote specialised portfolio risks
THE Managing Director, LASACO Assurance Plc, Olusola Ladipo-Ajayi,
has reiterated the company’s commitment to develop capacity in
specialised risk insurance in the country.
Speaking in Lagos to reporters, he said, “Specialised risk is an area
that should be maximised but the capacity is still low in the country.
We happen to be one of the leaders in that field, and I know that in
the nearest future, when the industry would have properly settled in,
we will reap the benefits of our pioneering efforts.”
Ladipo-Ajayi, who is also the chairman of the Nigerian Insurers
Association, said last year, LASACO led 23 Nigerian insurance
companies to participate in insuring three Nigerian satellites that were
launched into space. The satellites are Nig. Sat 2, Nig. Sat NX and Nig
Comsat 1R.
Besides, the company is also a major underwriter in the oil and gas
insurance business, adding that the company was trying to carve a
niche for itself in the special risks portfolio without loosing sight of the
everyday insurance of other classes of the business.
He noted that special risks are international businesses that are dollar
denominated. These risks, he added, give window into the best
international practices in the insurance business.
He noted that the major problem that Nigerian insurers face does not
exist in special risk, and that there is prompt payment of premium.
He said, “Premiums are paid as at when due in special risks,
underwriters are empowered, and have the enabling environment to
meet their obligations. Most of the problems of insurance companies
not being able to pay claims in Nigeria, emanates from the fact that
the premiums are not paid on time. But when you go to the realms of
special risks, premiums are paid quickly; every obligation is met
quickly, so when it is your turn, there is no excuse for you to drag
your feet.”
Editor Business Services - Insurance
Guardian Monday, 26 March 2012