L-R: : Mr. Saheed Egbeyemi, Deputy Managing Director, HOGG Robinson Nigeria Ltd; Mr. Fatai Adegbenro, Executive Secretary, Nigerian Council of Registered Insurance Brokers; Mr. Eddie Efekoha, Group Managing Director/CEO, Consolidated Hallmark Insurance (CHI) Plc; Mrs. Ekeoma Ezeibe, Managing Director, Crystal Trust Insurance Brokers; Mr. Tokunbo Taiwo, Group Chief Technical Officer, Digital Jewels Ltd, and Mr. Sunny Adeda, past President, Chartered Insurance Institute of Nigeria, during the ‘Time Out With Our Partners’ event by CHI Plc in Lagos.
The Group Managing Director, Consolidated Hallmark Insurance Plc, Mr. Eddie Efekoha on Tuesday advised insurance operators to reengage the principal underwriting spices that can help define the right pricing of risks.
The Consolidated Hallmark Boss gave the advise during his opening remark at the novel “Time-Out With Our Partners,” hosted by the company that the pandemic is pointing to business sustainability and those companies that want to remain in business would take a cue.
Speaking further on the theme of the day “The Importance of Business Continuity Management in The Era of Disruption,” he reminded operators that before the #EndSARS event “we grant riot and strike free as an extension to standard motor policy. We know better today.”
He stressed that it would be tantamount to boring a hole in ones boat to raise N10b for capital and use it to grant free cover for riot and strike at a time of pandemic or whatever pandemic that might still come in the future.
According to him free endorsements was no longer feasible because “the environment we live in is tense” and “we need to preserve investments and price risks very well.”
Efekoha added that those companies that regularly offer cheap cover because of the large number of competitors would find it difficult to meet claims demand in an #EndSARS driven protest.
