Monday, 20 May 2013

Insurers Move to Correct Anomalies in Oil and Gas Underwriting

Operators in Nigera’s insurance market have expressed determination to check the continued loss of foreign exchange by way of ceding insurance businesses to foreign insurance and reinsurance companies.
To this end, the industry is taking necessary steps to build human and underwriting capacities to ensure that no oil major in the country cedes risks to their insurance subsidiaries abroad, under the guise of lack of local capacity to underwrite oil and energy risks.
This step followed the identification of infractions in the underwriting of oil and gas risks in the country that make it impossible for the insurance industry to tap fully into the Local Content in Oil and Gas policy of the Federal Government.

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