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Experts charge insurers on financial capacity to underwrite oil, gas risks

By Bankole Orimisan
22 November 2021   |   3:02 am
Underwriting companies in the country have been advised to increase their financial capacity to compete with foreign insurers in underwriting oil and gas as well as aviation risks.

Underwriting companies in the country have been advised to increase their financial capacity to compete with foreign insurers in underwriting oil and gas as well as aviation risks.

Stakeholders who gathered at a session by the Nigerian Council for Registered Insurance Brokers (NCRIB), at the recent 2021 Lagos International Trade Fair, called on the industry to rise to the task of providing adequate insurance covers for all sectors and individuals.

With adequate capacity, they suggested, stakeholders in high-risk sectors will not need to engage international insurance firms but patronise local firms.

The President, Lagos Chamber of Commerce and Industry (LCCI), Toki Mabogunje, who spoke at the event, charged insurance companies to build capacity that would enable them to handle big international deals in the oil and gas, maritime and aviation sectors that were hitherto handled by foreign insurance brands for their top-rated transactions.

However, she tasked the government at all levels to patronise local insurers for their massive insurance deals.

”The insurance sector must rise to the task of providing adequate and professional insurance covers for willing policyholders,” she said.

Mabogunje added that risk management and business continuity have become critical factors in enterprise sustainability and prosperity in the post-pandemic era, adding “We are in a world of growing uncertainties, emerging risks and increasingly exposed to danger in society.”

She further urged Nigerians to embrace insurance but noted that the onus is on players to embark on extensive awareness to properly educate the people on the benefits of insurance in mitigating risks.

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