The Commissioner for Insurance, National Insurance Commission (NAICOM), Mr. Sunday Thomas, says the Commission is committed to creating an enabling environment that will ‘consistently’ enhance increased capacity of the insurance institutions both financially and technically and a matching reciprocal response from oil and gas sector.
This charge was given by Thomas at the 2023 Summit of Oriental News with the theme, ‘Building Local Content Synergy Between The Oil And Gas And The Insurance Sectors In Nigeria’ affirming confidence in expanding and sustaining local insurance content, the CFI said the high point in reciprocation from oil and gas industry “is timely compliance with the requirements of the Guidelines jointly issued by the Commission and Nigeria Content Development Monitoring Board.
Underlining the lack of interest in following the Guidelines at the current local capacity of the insurance market by the oil and gas industry, Thomas said the regulators have the ‘ultimate goal’ to develop indigenous capacities to participate in the oil and Gas industry.
“Both regulators, (NAICOM, NCDMB), would by this collaboration be able to facilitate, promote adequate assessment of needs of the Oil and gas industry and influence the behaviour of insurers, reinsurers and brokers in manners that addresses the needs for national growth and development
Tagging the concerns of the Oil and Gas investors, Thomas said, “there is the urge to intensify the ongoing drive to facilitate platforms that address the demand-supply gap, encourage specialised products that address the needs of the Oil and Gas industry.”
Besides, he said attention is also drawn to 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.