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Oil and gas companies shun insurers with capital below N9bn



As renewal of major insurance covers for the next financial year continues, Vanguard investigations have revealed that most of the oil majors in the country no longer want to give their oil and gas risks to companies with capital base below N9 billion.

Vanguard findings show that in spite of the cancellation of the Tier Based Minimum Solvency Capital (TBMSC), many insurance companies will lose the oil and gas businesses they held before the controversial TBMSC policy.

Managing Director of Consolidated Hallmark Insurance Plc, Mr. Eddie Efekoha, who disclosed this, noted that a broker recently informed him that a client demanded that his business should not be given to any underwriting firm with less than N9 billion capital base as proposed in the cancelled TBMSC policy.

Vanguard, December 25, 2018

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