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Nigerian insurers violate content law on oil and gas insurance

Posted On: Apr. 5, 2023 9:56 AM CST

Data from Nigeria’s National Insurance Commission shows that local insurers violated the content law on oil and gas insurance in 2022 by ceding about 81.8 billion Nigerian naira ($177.1 million) to their foreign counterparts instead of the NGN37.8 billion directed under the law, Vanguard News reported. According to the law, local insurers must undertake 70% of total premium on the oil and gas sector insurance, however, their actual retention was 35%.