• Tuesday, December 05, 2023
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International Energy Insurance pays out N1.2 billion on claims


Underwriting firm, International Energy Insurance plc has continued to keep its own term of the insurance Contract having paid out N1.2 billion on claims to its policy holders during the last financial year of 2012.

This gesture, according to the company symbolises one of its core values “Dependability” which is the hall mark of the company’s operations.

Stressing on why IEI resolutely stands on delivering on its promises, the Managing Director/Chief Executive Officer, Roseline Ekeng asserts that dependability is one attribute IEI cannot compromise.

“This prompt payment of claims goes a long way to demonstrate IEI’s commitment to its policy holders that the company will always come to their aid when they suffer losses,” she said.

She affirmed that without transparency and dependability no company will continue to remain in business.

The huge claims paid by IEI are categorized into Motor, Fire, General Accidents, and Marine cargo, Marine Hull, Bond, Oil & Gas, Industrial All Risks, Public Liability and Aviation.

IEI boasts of having the most technical and experienced energy underwriting unit in Nigeria, having identified energy insurance as yawning gap in insurance offerings and preparing itself to fill it.

With the best crop of hands and sound management, IEI demonstrated a consistent growth-led business model that has withstood the test of time.

On the CSR front, IEI has been an active executor of many social investment initiatives, having made positive contributions to various sectors of the Nigerian society in the past.

IEI plc has focused its social investment drive towards supporting and encouraging healthy lifestyles and a healthy environment for its communities.

It has worked with NGOs to fight desert encroachment through public awareness on the environment to leave eco-capital to future generations.

IEI has also supported healthcare, sports development and education.

International Energy Insurance Company Limited emerged in June 2003, when a group of investors and management acquired 70 percent of Global Assurance Co Ltd.

The company at the time was 34 years old and was under the technical management of the National Insurance Commission (NAICOM).

The company was subsequently recapitalised to meet with the challenges of its new business focus.

IEI has in this short period experienced phenomenal growth in its business production and gained the confidence of the market as a result of its aggressive approach to business development and quest for improvement and innovation in an industry known for high level conservatism.