Royal Exchange, Nigeria’s premier financial services group has reinforced its preparedness to fully explore all opportunities presented by the Federal Government’s local content policy which seeks to encourage more indigenous participation in the oil and gas sector.
This fact was disclosed in Lagos by the Managing Director of Royal Exchange General Insurance Company, Richard Olutayo Borokini who said that the company is now better positioned to provide wider coverage for operators in the high risk oil and gas industry as well its marine sector.
â€œWe have been able to build internal reserves because our trend analysis indicates continual increment in our net retention based on our experience, prudence and resolve to be a major player in this fieldâ€; Mr. Borokini said.
Describing the local content initiative of the Federal Government as a catalyst for the rapid growth of indigenous capacity in oil and gas, Mr. Borokini observed that increased capacity has given Royal Exchange additional leverage in the area of marketing as well as the wherewithal for prompt claims settlement.
The Nigerian Content Development Act 2010, which seeks to stimulate more Nigerian participation in oil and gas businesses, specifically reserves up to 70 per cent of risks in that sector for Nigerian insurance companies. It also provides that all insurance broking services should be rendered by local professionals and in exceptional cases, in collaboration with foreign professionals.
The Managing Director of Royal Exchange General Insurance also disclosed that in order to sustain the momentum achieved in the oil and gas sector in recent years, Royal Exchange has lined-up cutting edge training programmes for its technical staff on the oil and gas desk in conjunction with specialized overseas institutions.
Royal Exchange Plc started operations in 1921 and continues to be driven by innovation and a determination to offer services that are of exceptional value to its customers.