Insurance Firms Move To Promote Local Content

The Federal Com
missioner for Insurance, Mr. Fola Daniel, has inaugurated new body for the insurance industry technical management board of the Energy and Allied Risks Insurance Pool of Nigeria(EAIPN) to promote local content in oil and gas businesses.
Speaking to newsmen in Abuja on Friday after the inauguration, Mr. Fola Daniel said the insurance pool will address some of the challenges faced by insurance companies in oil and gas underwriting in the country.
He said the pool was an effort by the Nigerian Insurance Industry to retain capacity in oil and gas underwriting, curb capital flight and grow the local market in energy and allied risks underwriting.
Also speaking, Chairman of the pool Board, Mr. Woke Oshin said the pool currently has 14 subscribers who have contributed 40 percent of their subscribed lines amounting to $4 million.
Oshin expressed optimism that other insurance companies that have expressed their interest in the pool will subscribe to join the EAIPN.