A Review of the Nigerian Energy Industry

Aiico Insurance poised to underwrite oil & gas risks

*Shareholders funds now N10bn

19 November 2012, Sweetcrude, LAGOS – AIICO Insurance has said it has shareholders’ fund in excess of N10 billion and is well positioned to underwrite oil and gas risks.

The company’s Managing Director, Mr. David Sobanjo, made the declaration in a statement, stressing that his company was capable of offering comprehensive coverage for players in the high risk oil and gas business.

He said the company could offer comprehensive coverage liquefied natural gas, petrochemical, solid mineral and international oil companies as well as independent power plant operators.

According to him, 51 year old underwriting firm participates in all risks and operational assets of all the international oil companies in Nigeria both as leader and as co-insurer.

Aiico is backed by A+ rated S & P (Standards and Poor) and AM Best reinsurers and this makes it easy for the company to pay all claims promptly no matter how huge it may be, he stated.

In this article

Join the Conversation

  • We congratulate the company, but note that it requires more than this amount in shareholder funds to underwrite oil & gas risks.