Nigerian insurers retain only 25%-40% of oil and gas business: A.M. Best

A report by A.M. Best Co. Inc. has said that Nigerian insurers retain only 25%-40% of the nation's oil and gas related business, reported The Nation Newspaper.

The rating agency said that 60%-75% of high-value risks go into the international markets.

"Nigerian insurers lack the adequate levels of capital to support their exposures to these high-value risks," said the report, adding that "this uncertainty is enhanced by the absence of expertise and technical know-how to support the underwriting of oil and gas business."

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