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By NBF News
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LASACO Assurance has affirmed its commitment to oil and gas industry business in the country with adherence to ethical standards and professionalism.

The Executive Director of LASACO Assurance, Mr. Babajide Wright said that the company as a major player in the oil and gas insurance business has continuously reinvented the rules to leverage on its potentials. Wright who was speaking on the company's niche in oil and gas insurance said it is a terrain LASACO prides itself as a formidable player.

One major area LASACO does this is through prompt claims settlement. According to him, LASACO pays claims promptly it is a policy the management pay attention to most especially on oil and gas business. International oil companies pay premium as at when due, when claims materialise we should do so too.

Mr. Wright said the depth of the company's professionalism in handing business most especially in the oil and gas sector has made the firm sand out from it pears, 'LASACO's involvement extends beyond growth of the company, it also encompasses ways and means of developing the market. It contains technical capacities to develop the industry. To this end, LASACO's has been arrowheads for capacity building and professional enrichment platforms.

Speaking on how the firm intends to maintain it niche in the industry Mr Wright said LASACO organises trainings and seminars both locally and internationally for middle management and top management staff, Attachment programmes in overseas for staff with international affiliate to get more knowledge of how the business is practised internationally the firm also encourage in-house research into the portfolio of oil and gas business, also knowledge update on international journals in oil and gas to know current trends.

Bearing his mind on what the future holds for oil and gas insurance in Nigeria Mr Wright said the future is very promising with the advent of oil and gas content development Act 2010, lot of companies have been giving opportunity to make appreciable income.

However, he gave an advice for other insurance firms. He said 'Insurance companies should be conscious, the business is lucrative, it could be very treacherous if the right arrangements are not made, it affects the company'.

He added that 'another technical arrangement is that if loss comes and insurance companies are not able to meet it, it can erode confidence replied in Nigerian insurance firms by international oil companies who ordinarily have been averse in the business'