NIC targets more firms in oil and gas
National Insurance Corporation managing director Sam Kamanga PHOTO | FILE
What you need to know:
- The National Insurance Corporation has said it is expected to intensify its services on oil and gas sector due to increase of both exploration and production activities.
Dar es Salaam. The National Insurance Corporation (NIC) has said oil and gas is becoming one of important portfolios because of its importance to the economy.
The company’s managing director, Mr Sam Kamanga, said oil and gas industry was growing fast, with many companies seeking NIC insurance coverage.
He said the company was being reformed to expand its horizon.
“We have insured some oil and gas companies and our plan is to get more companies for oil and gas exploration.” He said apart from targeting oil and gas industry, NIC would also insure companies involved in agro-processing as part of supporting the government’s industrialisation plan.
“Our aim is to become number one in the country’s insurance industry.”
He noted that NIC had registered a number of achievements including winning public confidence in the past three years. He spoke about the state-run insurance corporation having passed through tough times. Experts define insurance as a means of protection from financial loss. It is a form of risk management, primarily used to hedge against the risk of a contingent or uncertain loss.
An entity which provides insurance is known as an insurer, insurance company, insurance carrier or underwriter. A person or entity who buys insurance is known as an insured or as a policyholder. The insurance transaction involves the insured assuming a guaranteed and known relatively small loss in the form of payment to the insurer in exchange for the insurer’s promise to compensate the insured in the event of a covered loss.
