The company, which has insured value estimated at $6.8 billion, may be overtaken by foreign operators, when it becomes operational as result of low financial capability to underwrite bigger risk in the Nigerian market.
Agboola, explained that the reasons for the ongoing recapitalisation in the industry, said insurance had continued to lose substantial part of the income that was supposed to grow the industry to foreign counterparts due to low capital base. This is in addition to other four major high-ticket businesses in which the sector is losing over 50 per cent of the sum insured to foreign insurers as a result of low capital base and lack of technical underwriting capacity.
Agboola also said Lafarge Hoicim insured 68.73 per cent of combined property damage/business interruption and public liability, valued at $564,882,644,410, as sum insured with local insurers while 31.27 percent was taken abroad while Dangote Fertiliser insured 60 per cent of its Construction/Erection All Risk and third party liability risk valued at $1.128 billion with local underwriters.
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