UNIVERSAL INSURANCE CALLS FOR STRONGER COLLABORATION BETWEEN OIL AND INSURANCE SECTORS

Universal Insurance Plc has urged for deeper synergy between the oil and gas industry and the insurance sector to better manage risks and support sustainable growth in Nigeria’s energy sector.

Speaking at an industry forum, company executives emphasised that closer collaboration would enhance risk assessment, improve underwriting practices, and ensure adequate coverage for complex oil and gas operations. They noted that effective insurance solutions are critical for attracting investment and mitigating the financial impact of operational hazards, environmental incidents, and market volatility.

The insurance firm highlighted the potential benefits of tailored products, capacity building, and knowledge sharing between the two sectors. Universal Insurance also called on operators to prioritise comprehensive risk management strategies as the industry navigates energy transition and regulatory changes.

Stakeholders welcomed the call, noting that stronger partnerships could reduce losses, boost confidence among international investors, and contribute to the overall development of the oil and gas value chain.

Experts believe that improved oil-insurance synergy will play a vital role in supporting Nigeria’s efforts to optimise its hydrocarbon resources while promoting responsible and sustainable practices.