IEI aligns insurance offerings to meet climate change needs

International Energy Insurance (IEI) Plc, a subsidiary of Norrenberger Group, is adjusting its models of product offerings and risk management capabilities to respond to climate change.

This is coming on the heels of global calls on the private sector to rise against the ills of natural disasters ravaging Africa including Nigeria as a result of climate change.

Speaking on the side-line of the just concluded 50th Conference and Annual General Assembly of the African Insurance Organisation AIO with theme “Coping With Rising Natural Catastrophes In Africa” held at Windhoek, Namibia, IEI said insurers across the continent also need to rethink their models, product offerings and risk management capabilities to adjust to the reality of time.

Tony Ede, group managing director, Norrenberger Group, who was a delegate at the AIO Conference said the topic of the program couldn’t have come at a time that is better than now.

Ede said that global natural disasters are taking place repeatedly resulting in the world losing $380 billion in 2023, with losses emanating from insurance at about $118billion.

“ This is why the AIO began to rethink natural disasters and it is important that all insurance companies too begin to rethink their models to withstand changes in the global economy,” he said.

Olasupo Sogelola, managing director/CEO, International Energy Insurance (IEI) Plc, said insurance has to move towards supporting climate change, starting from the impact, especially on agricultural products in Nigeria.

Sogelola said IEI is coming up with products that would enhance and support climate change in all ramifications.

“Insurance has to move now, starting from the impact of climate change even on agricultural products in Nigeria. Agric insurance is something that has to respond quickly at the moment along with other classes of insurance,” he said.

“We have two important goals at IEI. The first is about our value proposition to the system, which is to pay claims as quickly as possible. The second is about product creation. I believe that this program has come at a time where we start looking at products that help to improve and draw attention to climate change,” Sogelola said.

Queen Ehi-Uujamhan, chief finance officer, Norrenberger Group, said that climate change is a very topical issue because the impact is seen all around like flooding, drought among others.

She posited that funding for climate change is something that the multilateral, individuals, government and the private sector have to look at from a holistic point of view.