Nigerian insurers violate content law on oil and gas insurance

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%.