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Insurers, brokers slug it out on NNPC 2011 insurance accounts

By Patience Saghana

Insurance companies and local brokers are slugging it out at the Nigerian National Petroleum Corporation (NNPC) office in Abuja over the multinationals’ 2011/2012 insurance accounts as local insurance brokers have been recalled into the corporation’s accounts.
There had been series of meetings at the NNPC quarters to conclude the lead insurer for the local market on NNPC’s 2011/2012 insurance accounts.

In the meetings are Custodian & Allied Insurance, Leadway Assurance, International Energy Insurance etc and a good number of insurance brokers, which according to Vanguard findings, will be grouped into oil and non-oil consortiums.
Local insurance brokers that had been short out of the NNPC insurance accounts for six years have been reconsidered after series of meeting between the corporation and the Nigerian Council of Registered Insurance Brokers (NCRIB).

Dr. Teslim Sanusi, President of the Nigerian Council of Registered Insurance Brokers (NCRIB) in an interview with Vanguard had said that the local insurance brokers were short out off NNPC accounts for six years.

According to him, “There had been no local insurance brokers on NNPC accounts for the past six years because NNPC has been convince to either convince use local brokers of foreign brokers”.

He said, “We are have been trying to make the corporation see reason on the need to use local brokers because the oil and gas business is not a business any company can do without the brokers.

“We are still trying to let them know very strongly that there is need to bring local brokers in the business else we may have to make a lot of public outcry to let the government and the public know the implications of not engaging local brokers”.

Meanwhile the National Insurance Commission (NAICOM) will tomorrow release to the insurance industry the Guidelines that would regulate the conduct of Oil & Gas Insurance Business in the country.

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