Re: Lasaco Assurance
LASACO’s oil and gas premium rises to N14.5bn
By Nike Popoola, Published: Monday, 1 Feb 2010
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Lasaco Assurance Plc, has said that its oil and gas insurance premium in 2009 rose to N14.5bn.
A statement from the company on Friday said that because of the issue of local capacity building, substantial part of the premium was well reinsured abroad under the provision of the local content policy.
The Managing Director, Lasaco, Mr. Olusola Ladipo-Ajayi, said that over the years , the company started and built its special risk portfolio in the oil and gas insurance business.
He said, ”Lasaco has a strong reinsurance treaty with foreign reinsurers, which enhanced its capacity to insure more risk in the sector.”
To maintain its position as a major player in the sector, he added that the company had been able to groom a team of young men and women who have become versatile in the business.
He disclosed that recently, at an oil and gas insurance forum in London, the company‘ were trained and got more exposure from renowned experts in the field.
International players in the business, such as the Managing Director, Charles Taylor Energy, London, Mr.Trevor de la Salle, Managing Director, RK Harrison Energy, Mr. Sam Martyn and Managing Director, C K Re, Mr. Peter King, among others, gave more exposures on oil and gas underwriting, claims and concepts of insurance marketing among others.
According to him, Lasaco, is set to develop the oil business in the Nigerian market.
Till date, he added, the company had continued to develop the sector and ensured prompt claims payments of all losses.
He said, ”We have never been found wanting in paying claims in oil and gas. In actual fact, prompts claims settlement is the major focus of our operations and I am happy about the reputation we have built in this regards.”
The Lasaco‘s boss observed that the Nigerian market was getting to the level of 40 per cent local retention.
He pointed that all over the world, insurers still have to deal with international reinsurers since insurance is an international business.
He said, ”The insurance industry in Nigeria should be allowed to develop along the best line of international practices. That is to encourage the local market to access the reinsurance facilities available abroad,
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