Managing Director of Linkage Assurance Plc, Mr. Gus Wiggle has said that the insurance industry is grappling with inadequate infrastructure and unstable weather which exposed insured assets to natural disasters such as floods.
According to him the current performance of the industry has not been sufficient for it to reach the critical mass necessary to make the desired impact on the economy.
Wiggle said that the Nigerian Insurance Association, NIA, was reviving the Nigerian Oil and Energy Insurance Pool to improve the industry’s oil and energy underwriting capacity.
According to Wiggle, the Association had completed and started deploying the first phase of the Nigerian Insurance Industry Database (NIID) Motor Insurance Module adding that delay in claims payment had reduced as its members continued to live up to their obligation of prompt claims payment to policy holders.
Information from Vanguard was used in this report.