Insurance firms have cautioned of plans to shy away from insuring businesses situated in flood prone areas and market centers with inaccessible routes describing them as high risk areas.
[contextly_sidebar id=”DEd5FdkxGz92kfIPb51MKzqAr7mDizDb”]Concerns have been raised over the need to insure market centres to provide relief to businesses who fall victim to fire outbreaks in those places.
Some have also called for insurance companies to move away from insuring clients situated in vulnerable areas citing them as having huge impacts on the operations of insurance companies.
The Managing Director of Nsia Insurance, Mabel Porbley however tells Citi Business News insurance firms will have to realign their operations to cope with the high risks businesses.
“What again we need to do is to look at this space critically and assess. Sometimes there are really no risk management issues because there is wrongful wiring of electricity connections, cooking and they are wooden spaces, and you cannot tell them not to cook because you want to cover them. So we will just continue to assess them and the risks that we will cover, why not, we will get them covered,” Mabel Porbley observed.
She added, “I think the other thing is to look at some of these areas and be a bit innovative at how we have done things in the past and try to bring the innovation to the needs of the people…but it is largely a high risk area I must say and so insurance will not immediately grab some of those businesses but they will take their time to assess the risks in detail before they carry on with it.”
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By: Pius Amihere Eduku/citibusinessnews.com/Ghana