Stakeholders Charge Insurers To Mitigate Socio-Political Risk Via Insurance
Stakeholders have affirmed that in a country like Nigeria, where socio-political challenges often intersect with economic uncertainties, the insurance industry can play a vital role in safeguarding the interests of individuals, businesses, and the nation as a whole. Insurers are expected to do this by offering political risk insurance that will mitigate the risks arising from political instability, ethnic tensions, terrorism, civil unrest, to government policies and regulations, among others. This was the view of the stakeholders who converged in Port-Harcourt, Rivers State for the Chartered Insurance Institute of Nigeria (CIIN), Education Seminar themed “Socio-Political Risks: The Role of the Nigerian Insurance Industry”. Delivering the welcome address on behalf of the President/Chairman of Council, the Deputy President, Mrs. Yetunde Ilori acknowledged that Nigeria, being Africa’s most populous nation and a key player in the African economy, faces an array of socio-political risks that can impede social progress and economic growth. These risks, she said, range from political instability, ethnic tensions, terrorism, civil unrest, to government policies and regulations, among others, adding that the role of the insurance industry in addressing socio-political risks is multi-faceted.