Insurance

NNPC appoints Allianz Nigeria, Custodian & Allied to lead underwriters for 2020/2021 insurance cover

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Chuks Udo Okonta

The Nigerian National Petroleum Corporation (NNPC) has appointed Allianz Nigeria,Custodian & Allied as lead underwriters for its insurances in 2020/2021 business year.

Custodian & Allied will lead its Oil Assets and Liabilities cover for the period, while Allianz Nigeria will lead its Non – Oil assets cover during the same period.

The appointment, which takes effect from 1st April 2020, will last for a one year period to terminate on 31st March 2021.

Worldmark Insurance Brokers and Hogg Robinson Nigeria were retained as insurance brokers for the country’s oil corporation insurance risks.

The appointment followed the submission of bids by different underwriters and brokers, having commenced on Tuesday 12th November 2019 at the Corporations headquarters in Abuja.

Custodian, a leading insurance company with extensive experience in Oil and Gas underwriting has at various times in the past led the consortium.

Feelers from other industry practitioners allude to the fact that this year’s NNPC bid process was professionally handled and adjudged the best.

Attempts to reach Custodian and Allied Insurance MD, Toye Odunsi to comment on the development proved abortive, while the people in Allianz Nigeria could not also be reached for confirmation and comments.

NNPC had said that selection of brokers and insurance companies for coverage of its assets and non-assets risks for the 2020/2021 business year will be strictly based on track record and service excellence.

Mele Kyari, group managing director of NNPC had said then that the evaluation and selection process would be transparent and accountable in keeping with the corporation’s Transparency, Accountability, and Performance Excellence (TAPE) agenda.

He said there would be a level playing field for all the bidders to guarantee the emergence of the best among them based on their respective track record and commitment to excellence.

He stated that NNPC was desirous of engaging reputable and competent professional brokers that could provide unparalleled and exceptional valuation and insurance services to sustain its drive for excellence service delivery.

He also called on insurance brokerage firms that participated in the expression of interest to insure NNPC’s oil and non-oil assets to be wary of anyone who would promise to help them win the bid as the corporation does not operate in such a shady manner.

A total of 251 firms including brokers and underwriters were said to have submitted bids for oil assets while 253 firm’s submitted bids for non-oil assets.

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