Dangote Challenges Insurance Operators on Risk Management

Ebere Nwoji

President of Dangote Group of Companies, Alhaji Aliko Dangote,has urged insurance operators in Nigeria to add value to the business of their major clients through the acquisition of technical knowledge of their clients’ business in order to be in position to educate them on basic safety knowledge.

Dangote, who frowned on the current trend among Nigerian insurers in which he said they are only talking about their premium collection from the very beginning of every insurance policy contract, to the end, without thinking about how to reduce their clients’s risk exposure, noted that there is a big gap between Nigerian insurers and technical knowledge of their clients’ business.
He therefore challenged the insurers to aspire to get adequate knowledge of modern risks they underwrite such as cyber risks and the workings of credit insurance.

Dangote, who spoke at the First Interactive Session with major consumers of Insurance Products and Services organised by the National Insurance Commission (NAICOM) in Lagos, said because of lack of adequate knowledge of the risk they underwrite, the insurers are often exposed to unnecessary…

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