The National Insurance Commission (NAICOM) has stated that it was not aware that some insurers, leading on some of the oil and gas insurance accounts across the country, have continued the regime of fronting for foreign insurers in return for over-riding commission.
Speaking during a chat with journalists at the recently concluded 40th African Insurance Organisation (AIO) Conference in Cairo, Egypt, the Commissioner for Insurance and Chief Executive of NAICOM, Mr. Fola Daniel, informed that the local retention in oil and gas insurance business in Nigeria has risen from 6 to 30 per cent in the last three years.
