NAICOM Urges Insurers to Develop Products for Oil and Gas SectorNAICOMNAICOM Urges Insurers to Develop Products for Oil and Gas Sector

Ebere Nwoji

The National Insurance Commission (NAICOM) has called on insurers to develop specialised products to address the needs of the oil and gas industry.

Commissioner for Insurance,  Mr Olorundare Sunday Thomas  while speaking on the theme,  “Building Local Contents Synergy between the Oil and Gas and the Insurance Sector in Nigeria,” at the 2023 insurance summit organised by  the Oriental News online in Lagos, said there was  need to intensify the ongoing drive to facilitate platforms that address the demand-supply gap in the oil and gas industry.

Thomas assured that steps were  being taken to address all potential regulatory impediments, support the development of human capacity and ensure technical capacities of insurance suppliers, ensure adequate risk pricing and comprehensive coverages and risk management.

According to him, “As the regulator, we are committed to creating an enabling environment that will consistently enhance increased capacity of the insurance institutions both financially and technically.”

He called for the principles of reciprocity on the part of operators in the oil and gas sector, one of which is timely compliance with the requirements of the guidelines jointly issued by the insurance regulator and the Nigerian Content Development and Monitoring Board (NCDMB).