Enlarged membership base and preference to develop a sustained pool system, can cause a wake-up call that will reset the local pools and transform them to high capacity pools and premium reservoir for the local market.
The managing director/chief executive, Nigeria Liability Insurance Pool, Mr. Olamide Olajolo, (pictured) shared this view in an interview with this medium, reiterating the need for pool embrace in the Nigeria insurance market, which will create a bastion for high capacity pools.
Olajolo said the local pool system is slightly sighted in pool radar because it is not fully developed and largely consigned to low membership frame; therefore, he said the present dimension of pool development demands s reset, stressing that now is the time for insurance companies to explore the available pools in the market to retain risks and improve written premiums.
He said NLIP has laid out plans to take oil and energy liability risks and related risks by assembling the skilled capacity required to play in the high risks level in underwriting and, ultimately create a strong stake as a retainer of risks in the local market. Gradually, he said the high score in foreign cession of oil and energy risks will dip. Besides, he said his know how in oil and energy is a required enabler and the pool had gone further, by acquiring needed underwriting skills from foreign reinsurance experts who were invited as resource persons for local training..
NLIP helmsman said the pool is focused to increase local capacity and retain more premium; taking the present effort in its stride, he said the pool is encouraged by the support received through informal discussion with National Insurance Commission.
Emphasising the firm preparedness, he said the pool has started exploring local reinsurance arrangement. Also counting for the pool is the projected 25% premium growth this year which places it as the watershed for sustained pool development.