Insurance business is arguably the most risk prone business in the market place, since insurers are in the business of underwriting the business risks of others. In the oil and gas insurance business, the stakes as well as the rewards are much higher. Considering that a single loss in the oil and gas industry is capable of crippling the entire insurance industry in Nigeria, the need for greater regulation and skill/capacity development cannot be over emphasized.
This topic and many more are covered in the ‘Spring 2013’ Law Digest. Click to subscribe.