Singaporean, Nigerian experts train W’African insurers
L-R: Mr Pooba Mahalingam of Talent Asia Training & Consulting (Singapore); Guest Speaker, Adetola Adegbayi; and Dr Yeside Oyetayo of Soeya Consult Nigeria; during a capacity building training on Contractors’ All Risk (CAR) and Erection All Risk (EAR) insurance in Lagos recently
Singaporean, Nigerian experts train W’African insurers
Nike Popoola
As part of efforts to boost insurance and reinsurance capacity in the West African region, Soeya Consult Nigeria, in collaboration with Talent Asia Training & Consulting (Singapore), organized a capacity building training on Contractors’ All Risk (CAR) and Erection All Risk (EAR) insurance.
The training in Lagos, aimed at facilitating deep understanding of these risks and liabilities, while helping to develop skills to manage CAR and EAR portfolios of insurance firms, was attended physically and virtually by participants from across Nigeria, Ghana, Sierra Leone and Qatar.
Mr Pooba Mahalingam of Talent Asia Training & Consulting (Singapore) noted that the training focused on CAR insurance (covering risk appreciation, underwriting, claims, clauses and endorsements plus case studies. It also addressed section III Delay in Start Up ( DSU) covering project delays; and Performance bond.
“We also focused on the building collapses in Nigeria and related issues like cause, policy application and moving forward suggestions,” he said.
A guest speaker at the training, Adetola Adegbayi, shared some pertinent points about construction insurance application in the Nigerian market.
Speaking on the essence of the training, Dr Yeside Oyetayo of Soeya Consult Nigeria, said, the exposures of insurance companies offering CAR and EAR policies have been increasing with the alarming rate of building collapse during construction and the avoidable loss of lives and property.
She noted that, “This has accentuated the enormous risks associated with construction and erection phases coupled with the enforcement of the mandatory covers for buildings construction schemes above two stories.
“However, underwriting of CAR and EAR contracts require high level of technicalities and clauses that provide covers for the project, equipment, employer or client and protection against third party claims that may involve huge claims if not properly managed. Without the requisite expertise, a lot of insurance companies may have risk exposures beyond their technical capacity.”
The training, she added, contained both theoretical and practical aspects of CAR and EAR Insurance. It also includes a physical construction site training on risk factors to look out for on sites. Other details of the training are as contained below.
A participant at the training, Assistant Officer, WAICA Re, Ghana, Abena Asiedu, said, “It was a very interactive session. It was technical and also very theoretical. We had a very good time. I think Pooba is a very good resource person.
“It was a really remarkable training. I think I learned a lot from here, and I hope that everyone else who attended also did.
“I enjoyed the real life examples that everybody had to share because it looks like we’re all in the practice already. I do reinsurance insurance and from the reinsurance perspective, I was able to get experience from everybody else.”
