NEM Insurance deploys resources to tap from oil, gas business

Focused on taking advantage of opportunities in the oil and gas business, underwriting firm, NEM Insurance plc is deploying resources to build capacity in that segment of the business.
The company, which has found growth balance in its other product lines including motor business, accident, fire and other allied risks says it’s determined to increase its retention capacity in oil and gas business.
Tope Smart, group managing director/CEO of the Company who disclosed this during a media interaction in his new Ikorodu multi million naira head office complex said NEM has positioned for the future.

Smart who was thankful to God for leading NEM Insurance to this enviable position with such a gigantic structure, which many have said has redefined the perception about the insurance industry in Nigeria, is quick to add that the sector is ready to impact more on the economy?
“I think the industry has moved from where it was 5-years ago, and there are a lot of potentials in the industry. The level of confidence has risen and to that extent, so many people now believe in insurance.”
“You will agree with me that the industry has improved by way of response; response to some of the big claims which is in billions of naira that happened in the last five years. And that gives a kind of confidence in the insuring public”.
Smart noted that NEM is evolving and its focus is to be one of the top three insurance companies in Nigeria, and we are working towards that, he noted.
“We have reengineered our operation and we will continue to do that and we have tried to differentiate our brand from others through our attitude, our character and all these combined together have differentiated us from other brands in the market.”
He said: The area where we are actually looking at to put more effort to grow from where we are is the oil and gas. We are deploying a lot of resources to get a good proportion that we feel will be in the interest of NEM.”
On possible acquisitions and mergers, the group CEO said “NEM too is looking at that direction towards partnering either by way of acquisition or merger. We are looking at it. We believe that it will improve the entire industry.”
For the Company’s customers Smart stated. “My assurance to them is that better days are here. On daily basis, we review our mechanism and our responses are always improved upon. We have a very good structure here and this has given us an opportunity to improve on all aspects of our operation and services. And our customers will definitely get better services from us, he promised.