Against the background of various terrorist attacks that have heightened the level of insecurity in Nigeria,

insurance operators may be considering introduction of insurance cover meant to protect citizens against terrorism and political attacks.

This, according to experts would ensure that dependants of anyone covered by this policy are not further subjected to the agony of a devastated future that may arise following  the loss of a family’s breadwinner. This will include specialised insurance solutions designed to address unique complications that organisations face when operating in high risk areas of the country.

Coverage available, according to experts, would include cover for full range of group and individual needs with special coverage extensions for  business interruption that occurs as a result of acts of clashes, attacks or terrorism.

According to Mr Anthony Enajemo-Isire, Managing Director, Standard Alliance Life Assurance,  insurers have returned to the drawing board to establish a product that would take care of loss as result of terrorism, most especially, Boko Haram attacks.

“As a practitioner in the industry, my words are in support of development of the product  I can assure you that a lot of work is going on, towards prociding cover for, flood, terrorism, even some known terminal ailments, in recent time, We are also looking at developing insurance product to mitigate sudden shock in the stock market and sharp frustration in investment. With a little bit of patient, we should be able to come out with all these in the nearest future.

“Although, insurance cover risks, but there are always exclusions. If you have a special policy that covers terrorism, and you are affected by it, you would be properly indemnified. But in most of our products, we have exclusion clause. If you are covered against natural death, things that have to do with war we exclude them. But if it is with mutual agreement, we will provide the cover.

“Also, note that there is nothing that happens in the economy that does not affect every body. Therefore, either by a way of shock from activities of terrorist act – Boko Haram - a natural death would occur. If somebody dies by a natural cause, unknown to the insurer that it is as a result of shock from terrorism, would not I pay the claims? Therefore, we are directly or indirectly affected. And that pushes our claims settlement. “

“We will consolidate on the existing structures and strategies to reach out to potential clients who desire our products”, he explained.

However, some insurance firms have expressed their intention to introduce policies to protect Nigerians against terrorism and political violence.

Acting Managing Director and Chief Executive Officer, FBN Insurance Brokers, Fidelis Ojeah, disclosed that his company and some others wanted to be at the forefront of human capital development, providing knowledge foundation for people to understand and appreciate violent insurance as emerging risk in Nigerian society.

According to him, “This is an emerging risk and we want to make sure our people understand it to be able to mitigate the risk because information is necessary,”adding that the risk used to be excluded from normal insurance policies, but the firms were now offering it at low prices.

According to him, in the last three years in the Niger Delta, there have been regression,   militancy, as well as bomb explosions in Bayelsa and Rivers state were clear signals of troubles. He added that bombing of police headquarters especially “and in many parts of the north and other terrorist attacks here and there, are signalling that we must begin to build the capacity now to enable us plan on how to mitigate it.”