Liability Insurance Pool builds capacity for emerging risks

Liability Insurance Pool is pursuing a strategic expansion programme that would enable its members benefit from opportunities in emerging liability risks, which holds a lot potential for growth.

Consequently, the pool in partnership with Swiss Reinsurance Company recently embarked on building local capacity, following an international seminar held in Lagos.

The theme of the seminar is “Emerging Liability Insurance Risks”, and was attended by members of the pool and other players in the industry

Peter S. Aluko, GM/CEO, Nigeria Liability Insurance Pool said in order to expand its areas of operations from the conservative Motor, Workmen Compensation(removed to NSITF), Public Liability/Professional Indemnity policies, etc., the Pool has continued to look outward to attract to its lines, more liability insurance policies. This include Contingent Employers’ Liability (developed to cater for the Common Law aspects hitherto not covered by the WC); Directors’ and Officers’ Liability; Builders and Occupiers Liability. It is gratifying to report that the Pool is already realizing the fruits of that initiative, Aluko stated.

According to him, it is in the same vein that the Pool intends to harness the “Emerging Liability Risks” in the areas of Oil & Gas, Aviation, Marine and Engineering insurances to boost its operations, amongst other reasons; hence the need for this international seminar to sensitize the industry on how these risks can be harnessed to the industry’s advantage.

Nigeria Liability Insurance Pool was established in 1988 by a group of reputable insurance companies whose mangers demonstrated great willingness to the continued development of local capacity. However, due to serious agitation by a few non members; willing to join the Pool, a parallel group was established in January 2001.

The two parallel groups lasted till 2010, when a merger was constituted, owing to the recapitalization in 2007 leading to drastic reduction in the membership of the two (2) groups.