Africa: 'Nigerian Insurance Industry Most Capitalised in Continent' - AllAfrica.com

Nnamdi DuruLagos

The regulating organic structure for coverage pattern in Federal Republic Of Nigeria , National Insurance Committee (NAICOM) have got confirmed that the capitalization demand in the country's coverage industry is the peak in the African continent.

And as portion of attempts geared towards encouraging adequate engagement of Nigerian coverage companies in the underwriting of hazards emanating from oil and gas trading operations in the country, stakeholders in the industry have kicked against the demand mandating coverage companies to set up amalgamate balance sheet for members of the group.

Commissioner for Insurance, Mr. Fola Daniel, made this verification while addressing newsmen in Lagos yesterday. He also disclosed that coverage chemical bond have got since go generally acceptable by stakeholders in importation and exportation business, particularly the Nigerian Customs.

Reviewing some of the up-to-the-minute developments in the industry, the Commissioner confirmed that the industry's capitalization is the peak in the continent even as coverage pillory have remained the toast of investors over time.

"Our industry have the peak capitalization demand in Africa. It have got recently go investors' delectation as evidenced by the Nigerian working capital marketplace where coverage pillory have consistently ranked the most patronised for upward of six months", he said.

Daniel also stated that the industry would not remainder on its oars but would go on to guarantee that past accomplishments would function as springtime board to establish the industry to enviable heights.

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The commissioner also reviewed attempts of stakeholders in oil and gas business, peculiar as it associates to coverage saying "we are fine-tuning the local content policy of the Federal Soldier Government on coverage which deduces from subdivision 72 of the Insurance Act, 2003.

"This policy is one of the very moneymaking countries the industry is yet to optimise their benefits. The fine-tuning procedure includes all attempts at eliminating deterrents to the engagement of local coverage companies in the oil and gas sector".

He also disclosed that oil and gas companies have got been advised to take some of the constrictions that used to suppress the engagement of local insurance companies in oil and gas underwriting concern before now.