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Nigerian insurers move to contain risks associated with ICT, telecoms

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Contrary to earlier fears that Nigerian insurance firms do not know much on issues concerning risks in the ICT and telecoms industry, participants at a recent seminar organised by WAPIC Insurance Plc have raised the confidence level of mitigating risks in the industry.

In her opening remarks, the Managing Director of the company, Mrs. Adeyinka Adekoya, said that the company is committed to providing solutions on how to mitigate risks in the ICT sector, especially in a volatile economic situation.

Speaking on the seminar theme: ‘Mitigating risks in the telecoms and ICT industry: challenges and solutions’ at the event in Lagos, she stressed that “Risk is constant in life and all businesses, thus, risk management is an important aspect in the life cycle of businesses. In a progressively globalised world, risk management is in fact a measure that calls for constant remodelling, and fine-tuning to fit evolutions in business and the world in general. Globalisation has allowed for the proliferation of digital solutions, telecoms and ICT.

Continuing, she averred that “The technological and industrial advancement in itself poses a risk to our collective future. To secure a progressive future, it is important that all technological investments of today remain sustainable and scalable for the future. This is the reason we are gathered here today, to share risk management perspectives, and the alternative methods of managing risk exposures of telecoms and the ICT companies, especially within a volatile economic environment like Nigeria.”

She noted that insurance remains one of the key risk management measure needed in the ICT industry as uptakes would provide the right fortification for telecoms and the ICT companies in Nigeria.

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