The Nigerian Insurers Association (NIA) has moved to strengthen technical capacity in two critical segments of the insurance industry, with the inauguration of dedicated Agricultural Insurance and Reinsurance Technical Committees to address emerging risks, improve underwriting standards and deepen expertise.

The move, according to the association, has become necessary as operators confront growing technical and operational challenges in specialised areas of insurance business, requiring greater collaboration, knowledge-sharing and adherence to best practices.

With the inauguration of the two committees, the NIA now has 16 technical committees, reflecting the association’s expanding focus on developing specialised expertise and providing structured platforms for insurers to tackle issues affecting the growth of the industry.

Speaking at the inauguration, the Director-General of the NIA, Bola Odukale, said the new committees were established in response to calls from members of the Governing Council and other industry stakeholders for dedicated platforms to address emerging issues and strengthen professional practice in agricultural insurance and reinsurance.

She described the technical committees as an essential platform for advancing the insurance industry, stressing that the specialised committees would provide a forum for insurers to collectively examine sector-specific challenges and develop practical solutions.

Odukale said the Agricultural Insurance Technical Committee would focus on promoting best practices in agricultural insurance while strengthening the capacity of member companies in underwriting and claims management.

The need for stronger technical expertise in agricultural insurance is particularly significant given the exposure of the Nigerian agricultural sector to weather-related and other risks, which continue to affect farmers, agricultural investments and food production.

For the reinsurance segment, the NIA DG said the newly inaugurated Reinsurance Technical Committee would focus on reinsurance matters and practices while improving the capacity of member companies in reinsurance underwriting and claims management.

She added that the committees would also promote collaboration among industry players and support the development of professional standards capable of strengthening the wider insurance market.

The inauguration also featured a briefing for members of the two committees on their roles, responsibilities and expected contributions to industry development, after which elections were conducted to establish their leadership structures.

For the Agricultural Insurance Technical Committee, Leonard Okoroafor of AIICO Insurance Plc emerged as chairman, while Baron Omiji of Guinea Insurance Plc became deputy chairman. Adebayo Olukolajo of Leadway Assurance was elected secretary, with Ndidi Nkeonyeasura Olagunju of Industrial and General Insurance (IGI) emerging as assistant secretary.

In the Reinsurance Technical Committee, Helen Osadunkwu of Cornerstone Insurance was elected chairman, with Ochuko Efenure of Zenith Insurance Plc as deputy chairman, while Oteikhila Godskingdom of emPLE Insurance was elected assistant secretary.

Source - https://guardian.ng