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Africa: 'Nigerian Insurance Industry Most Capitalised in Continent'
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This Day (Lagos)
9 May 2008
Posted to the web 9 May 2008
Nnamdi Duru
Lagos
The regulatory body for insurance practice in Nigeria , National Insurance Commission (NAICOM) has confirmed that the capitalisation requirement in the country's insurance industry is the highest in the African continent.
And as part of efforts geared towards encouraging adequate participation of Nigerian insurance companies in the underwriting of risks emanating from oil and gas operations in the country, stakeholders in the industry have kicked against the requirement mandating insurance companies to prepare consolidated balance sheet for members of the group.
Commissioner for Insurance, Mr. Fola Daniel, made this confirmation while addressing newsmen in Lagos yesterday. He also disclosed that insurance bond has since become generally acceptable by stakeholders in import and export business, particularly the Nigerian Customs.
Reviewing some of the latest developments in the industry, the Commissioner confirmed that the industry's capitalisation is the highest in the continent even as insurance stocks have remained the toast of investors over time.
"Our industry has the highest capitalisation requirement in Africa. It has recently become investors' delight as evidenced by the Nigerian capital market where insurance stocks have consistently ranked the most patronised for upward of six months", he said.
Daniel also stated that the industry would not rest on its oars but would continue to ensure that past achievements would serve as spring board to launch the industry to enviable heights.
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The commissioner also reviewed efforts of stakeholders in oil and gas business, particular as it relates to insurance saying "we are fine-tuning the local content policy of the Federal Government on insurance which derives from section 72 of the Insurance Act, 2003.
"This policy is one of the very lucrative areas the industry is yet to optimise their benefits. The fine-tuning process includes all efforts at eliminating hindrances to the participation of local insurers in the oil and gas sector".
He also disclosed that oil and gas companies have been advised to remove some of the bottlenecks that used to inhibit the participation of local insurance companies in oil and gas underwriting business before now.
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