By ROSEMARY ONUOHA

The National Insurance Commission, NAICOM, has inaugurated fourteen insurance companies to operate the Technical Management Board of the Energy and Allied Risks Insurance Pool of Nigeria (EAIPN).

It is hoped that inauguration of the EAIPN will help the insurance industry retain capacity in oil & gas underwriting, curb capital flight and grow the local market in energy and allied risks underwriting..

The companies include, Leadway Assurance Company limited, Custodian & Allied Insurance Plc, Aiico Insurance Plc, Lasaco Assurance Plc, Royal Exchange Insurance Co. Ltd, Consolidated Hallmark Insurance Plc, and Sovereign Trust Insurance Plc.

Others are Linkage Assurance Plc, Industrial And General Insurance Plc, Nigerian Agric Insurance Corporation (NAIC), Sterling Assurance Company Limited, Prestige Assurance Plc, NEM Insurance Plc and NSIA Insurance.

Commissioner for Insurance, Mr. Fola Daniel, who inaugurated the body in Abuja, congratulated the Chairman of the Nigerian Insurers Association, Mr. Godwin Wiggle for bringing to fruition his desire for a pool that will address some of the challenges faced by insurance companies in oil and gas underwriting in Nigeria.

Presenting the Technical Board of the Pool to the Commissioner for Insurance, Chairman of the Board, Mr. Wole Oshin, stated that the Pool currently has 14 subscribers, who have contributed 40% of their subscribed lines amounting to USD 4,000,000.00. He expressed optimism that other insurance companies that have expressed their interest in the Pool will subscribe to the Pool after the launching of the EAIPN.