Operators in the insurance sector have expressed their determination to forge ties with foreign partners against challenges confronting the society such as terrorism and kidnapping.

The President, Chartered Insurance Institute of Nigeria, Mrs. Isioma Chukwuma, said this during the institute’s business outlook seminar in Lagos.

“The worsening cases of terrorism, kidnapping as well as the telling effects of climate change on lives and property are throwing up new challenges for the insurance industry,” she said.

She observed the isolated efforts of key players in the sector in addressing the emerging risks by organising special seminars on terrorism insurance.

The CIIN boss said the operators should go beyond those isolated efforts and forge stronger bonds as an industry in tackling the new challenges.

She said, “For instance, for how long are we going to exclude terrorism from our insurance contracts whereas the threats are now of increasing magnitude? No doubt the major constraint in this regard has been the paucity of underwriting data, so it remains a cause for concern and must be addressed without further delay.”