Universal Insurance CEO Calls for Expanded Local Insurance Capacity in Nigeria's Oil & Gas Sector

Dr. Jeff Duru, Managing Director and Chief Executive Officer of Universal Insurance Plc, urged stronger collaboration between Nigeria’s oil and gas industry and the domestic insurance sector during the 10th Annual SuperNews Conference. He highlighted that deeper implementation of the Nigerian Oil and Gas Industry Content Development Act and accelerated digital transformation are essential to retain insurance premiums, boost capital formation, and support the sector’s contribution of about 5‑6% to GDP and around 90% of export earnings.

Duru said expanding local insurance capacity will enable indigenous insurers to underwrite increasingly sophisticated risks linked to deep offshore exploration, gas infrastructure, renewable investments and the broader energy transition. He called for more technical expertise, stronger capitalisation and digital innovation, noting that existing regulations already require operators to place insurable risks with Nigerian insurers where local capacity exists.