Operators partner foreign firms on terrorism insurance

Some Nigerian insurers are partnering operators in the United Kingdom on insurance protection against violence.According to a statement, the insurers are collaborating with United Kingdom specialist advisers on terrorism and political violence, United Insurance Brokers, to look at the local environment and fashion out products that will help manage emerging risks.According to the statement, during an upcoming seminar, with the theme "An introduction to terrorism and political violence insurance," they will address the need for terrorism cover to protect assets, interests and liabilities.It stated that this became imperative, as the global community witnessed growing incidents of terrorism and political violence .For this reason, at the local levels, insurance industry stakeholders are considering risk management measures for protection and sustainability.According to the statement, analysts noted that terrorists dont just target government owned property, but more attacks are now being carried out on the private sector. It stated that, "We are constantly seeing attacks on hotels, police stations, airports, restaurants, bars, market places, all modes of public transport, pipelines, entertainment and leisure facilities, manufacturing facilities, offices and banks."According to the analysts, because most liability and property insurance policies now automatically exclude terrorism cover because of the unpredictability of an event and the potential for huge losses, it is therefore most important that there is an exclusive product for it.
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