Leadway Assurance’s Head of Transport , Mr. Idowu Jimoh has described how insurance could be more than just a safety net but a catalyst for change in the export value chain safeguarding against losses that impede the business.
He gave his thoughts at the 3rd AviaCargo Chinet Conference in 2023 where he harped on the crucial role of insurance in enhancing and securing the export supply chain in Nigeria.
The export supply chain, he stressed, has a complex network encompassing various stakeholders, and has been plagued by multifaceted challenges, ranging from insecurity to financial setbacks.
These issues according to him have often disrupted the smooth flow of products and hindered the growth of the industry.
He however said that by paying a premium, exporters could secure coverage against transit risks, a major concern that often hampers exports and that: “Insurance is more than just a safety net; it’s a tool that offers indemnity against losses, ultimately restoring exporters to their pre-loss position,â€
According to him, ensuring the safety of consignments during transit is of paramount importance and the various modes of transit, including road, sea, and air, each come with their own unique challenges.
He said,”To address these, marine cargo insurance emerged as a critical shield against potential losses. This insurance form protects consignments from the point of origin to the destination, covering a range of perils including damages during loading and unloading, disruptions caused by war or civil unrest, fires, stranded cargo, weather events, and even theft.
” With marine cargo insurance, exporters gain the confidence to navigate these challenges, knowing they are financially protected.
