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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