Enterprise Risk Management: a National Risk Management & Insurance Strategy for Sierra Leone
Category: Risk Insurance Management | Sep 13, 2009 |
Risk management has been defined as the process of identifying and analyzing loss exposures, evaluating the feasibility of risk management techniques to address the loss exposures, selecting and implementing the best techniques and monitoring results, in such a manner that any organization or governmental entity can meet its objectives—minimization of the adverse effects of accidental losses.
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It is indeed a truism that the insurance industry can play a very significant and critical role in a nation’s developmental process. In most developed and developing countries, insurance and risk management measures and practices have and continue to provide the bedrock for a sustained modern socio-economic infrastructure in which development and economic growth have flourished.
In the United States of America for example, risk management and insurance not only permeates every facet of economic and social endeavor, ranging from healthcare to governmental contracting, but is the essential engine driving innovation, development, commerce, investments, governance and societal change.
In the Sierra Leonean situation by contrast, the challenge still remains how insurance professionals and governmental policymakers can creatively utilize enterprise risk management principles and insurance techniques in both the public and private sectors to effectuate the country’s economic development and growth.
Through the utilization of enterprise risk management principles, governmental entities and organizations are provided a systematic rigorous approach to managing risk from all sources that threaten their strategic, developmental, socio-economic and financial objectives.
As a Sierra Leonean insurance professional who over the decades with every major loss either accidental or by design in the country always retorted that insurance would indemnify the losses, whether it was the burning by the rebels of machinery for construction of the Bo/Freetown highway or the destruction of the Sierra Rutile Company’s mining infrastructure, culminating in the recent NACSA and SABABU construction contracts; the realization that our country lacks a national risk management and insurance office designed to ensure that the country recoups indemnification or is held “harmless” in such events is indeed a cause for alarm.
It is thus against this backdrop that we are articulating and advocating the development and establishment in Sierra Leone of a national insurance and risk management strategy office designed to:
- Serve as a repository of all governmental contracts and agreements.
- Provide technical risk management and insurance review of all past, present and future governmental contracts and agreements so that government can recoup damages from past and current insurance contracts.
- Design and introduce innovative new micro insurance products and services.
- Work in conjunction with ministers, permanent secretaries and professional heads of departments in establishing an appropriate and effective risk management system within their ministries to enable them identify risks, analyze risks and mitigate risk exposures, through loss control measures.
- Provide insurance review of all governmental contracts and agreements for compliance with appropriate terms and conditions.
- Provide loss control oversight in all ministries, departments and governmental agencies.
- Protect government owned assets and minimize loss to the government and people.
It is also aimed at initiating and adding a new perspective to the wider debate of how a national insurance and risk management strategy could be utilized in addressing both macro and micro risks and loss exposures inherent in all facets and sectors of the nation’s socio-economic and governance infrastructure.
For an administration composed of insurance professionals in very key strategic positions including the President, Minister of Foreign Affairs, Minister of Employment and Social Security and Minister of Trade and Industry, the need for establishment of such a “National Insurance and Risk Management Strategy” must be a no brainier and should as a matter of urgency be seriously considered in other to effectuate the President’s avowed goal of “running the country like a business“.
The basic law governing the conduct of Insurance in Sierra Leone is the Insurance Act, 2000 which established the Sierra Leone Insurance Commission (SLICOM). Pursuant to section 3(1) of the Act, the commission is charged with ensuring “effective administration, supervision, regulation and monitoring of the business of insurance in Sierra Leone” through the performance and exercise of various statutory functions.
While the Sierra Leone Insurance Commission (SLICOM) and especially the Commissioner has performed a superb job over the years in its regulatory and supervisory functions, the broader insurance industry has however lagged in matching the potentials of its contributions towards national development.
The Act however does not provide for the kind of risk management and insurance oversight envisaged by the establishment of the risk management and insurance office.
As a result of its inability to innovate and increase its capacity and market reach beyond traditional instruments targeting only the formal sector, whose customers are corporations and wealthy individuals, with obligatory products such as motor insurance, the Sierra Leone insurance industry continues failing the nation.
In conclusion, government contracting personnel make daily business decisions about contract risks, insurance, limits, coverage and evaluation of insurance. Providing them with the appropriate tools and resources to assist in making these business decisions is very important for any nation‘s developmental aspirations.
Watch the video related to risk insurance
Europes most hated
Sadly, just time.
Since gas is high and so is your insurance might I suggest getting a bike?
Sorry
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For high risk insurance?
please refer to web site
say- about one uninsured accident.
My husband has epilepsy and we have never had a problem with insurance. I don't know how severe your Brother's is, but we lived in Colorado and my hubby had to be seizure free for one year to get his license. He got it when he was 18. He had about 2 seizures a year after that. He never had a problem with insurance, it was his license we were concerned about. But, we have lived in three states and none of the insurances have only been asked for medical info once. We have regular insurance. Now, as far as insurance goes…. as long as it isn't reported to the DMV you should be fine. I know that in CO the emergency room can make reports to the DMV advising your license be suspended until you can prove you are seizure free…. but my hubby was in the ER a couple times and they never reported it because he kept them under control. I think it sorta falls under the 'don't ask-don't tell' policy. I wouldn't say anything to the insurance unless they specifically ask. I think we were asked once, in NY, but the way they phrased the question we told them 'no'. For example, 'do you have any health concerns that could hinder your driving ability' – the answer was no because he only had seizures a couple times a yr and it was usually triggered by something, ie sugar free drinks or playing video games, my hubby doesnt drive for a couple days if he feels that he is 'groggy'. So in essence our answer would be 'no'. Other than that, as long as it isn't reported to the DMV, you are fine. I don't see an insurance company making the leap either to ask if his son has the same condition that he does. They probably wouldn't think to ask. Your brother probably has had a seizure while driving or it is serious enough that the DMV has been notified. As long as your nephew is seizure free, the insurance isn't going to know anything about it unless the DMV knows.
Basically, lol, you should be fine… 'don't ask-don't tell'. Good Luck and God Bless your family. I know that we are nervous for our kids to hit puberty as this is inherited and we won't know if they have it for a few years. The best of luck to you! I hope this helps!
Generally speaking, the high risk insurance pools are NOT public assistance, because you are paying out the wazoo for the coverage you are receiving. Public assistance generally means you are receiving help to pay for something you can't afford. In this case you are paying out the wazoo while the state is offering something that under normal circumstances would not be available to you for reasons other than financial.
Good luck to you!
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Insurance companies have various names and job descriptions for safety engineers. In general safety engineers prevent harm to people and property by applying knowledge of systems engineering as well as mechanical, chemical, and human performance principles.
Using this specialized knowledge, they identify and measure potential hazards, such as the risk of fires, the dangers involved in handling of toxic chemicals or improper work procedures. They recommend appropriate loss prevention measures according to control or minimize harm and potential damage to people or property. They must be able to anticipate, recognize, and evaluate hazardous conditions, as well as suggest hazard control methods.
An engineering background is very helpful in this line of work. Knowledge about OSHA work rules will also be very useful…
I've never heard of a Builders Risk policy on a mobile home, because the actual CONSTRUCTION happens in a factory – regardless of the kind of foundation you get for it.
Your BEST bet, is to hire a general contractor, who's going to be doing the work. The GC should have in place, a "blanket basis" builders risk policy, on a reporting form, so that every month he adds new projects, and deletes the ones that are completed. That's you ONLY chance, IMO, to get any form of builders risk coverage – but as it's in the GC's name, it will probably NOT satisfy the bank. You're going to have to go to a different bank, probably one that the builder recommends. Unfortunately, because it's a much higher risk loan (on a mobile home), the rate will probably be higher than a conventional construction loan.
What MOST people do, is have everything run through the builder or the GC, and let THEM worry about the insurance/bank issues – that way, you aren't responsible until the title is transferred over, after the building is complete.
I'm assuming that you're talking about a true mobile home, NOT a manufactured home, or "prefab" home.
In some states, your local business association might have group access for you, that you could pay a yearly membership fee, then join their group. It's not valid in all states, though.
It's also likely that if you have no insurance right now, the pre-existings will be excluded for the first year or so.