LASACO leads consortium on Nig Comsat IR insurance
LASACO Assurance Plc has been appointed to lead 23 Nigerian insurance companies participating in the insurance of the new satellite to be launched by Nigeria before the end of the year - Nig Comsat 1R. The Nigerian Communication Satellite Limited would launch it.
This is coming closely at the heels of the Nig. Sat 2 and Nig. Sat NX both of which were launched on August 17th 2011 in Yasney, Russia. LASACO Assurance is also the leader of the Nigerian companies that are covering these Satellites, which are now in orbit.
According to a statement signed by the Managing Director of the company, Mr. Olusola Ladipo-Ajayi, the risks covered are in two parts – the launch and in-orbit risks. The in-orbit risks would last for twelve months from the date of launch and renewable annually thereafter. He commended the Federal Government and its space agencies for involving Nigerians in activities in space. He also congratulated the Nigerian scientists in National Space Research and Development Agency (NASRDA) who took part in the building of Nig. Sat NX.
This feat has challenged Nigerian insurance companies to follow them into space as it were. He expressed the hope that when Nigeria shall send her first Astronauts into space, LASACO Assurance Plc and the other insurance companies would be ready to cover the venture. So far as capacity is concerned, Mr. Ladipo-Ajayi stated that special risks were not usually domiciled within any one country.
They were normally placed in the international market, where the risks were shared by the companies from different parts of the globe. It was however important that Nigerian companies should participate in the risks which Nigeria was introducing into the international market. With these, the performance of Nigerian insurers would be gauged by the international insurance community as an actual step in their integration into the market as key players. This would encourage Nigerian companies to meet other standard requirements to facilitate their integration. He commended the National Insurance Commission for steering the industry in this direction.
This article was originally posted on Africa Banking Network
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