Underwriting firms to float $20m oil, gas insurance pool
The Nigerian Oil and Energy Insurance Pool (NOEIP) may soon take-off to tackle capacity gap challenges in oil and gas underwriting. Specifically, the committee set up for the take-off of the underwriting pool for insurance entities has commenced the registration of members with a minimum subscription of $250,000 per line, with 50 percent paid up in-order to achieve a retained pool capacity of $20 million. Besides, the pool would be protected by an appropriate reinsurance arrangement to shore up and protect the pool’s capacity. As a result, Africa Reinsurance Corporation (AfricaRe) has been appointed to manage the pool. A source at the Nigerian Insurers Association (NIA) secretariat confirmed at the weekend that the pool has come into being and the committee appointed for the project take-off are registering member’s subscription for the implementation of the pool to develop local financial and technical capacity for oil and energy underwriting.
The Guardian, June18, Page 15.
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