IGI pledges to comply with rules on submission of accounts

From left: Executive Secretary Nigerian Council of Registered Insurance Brokers (NCRIB) Fatai Adegbenro; President, Ayodapo Shoderu, Group Managing Director, Industrial and General Insurance Plc (IGI), Rotimi Fashola at the event.

Chuks Udo Okonta 

"For us in Industrial and General Insurance (IGI) Plc, it is a new dawn" this was the words of the new Group Managing Director of the the underwriting firm, Rotimi Fashola as he pledged a paradigm shift in the affairs of the company.

Fashola who spoke at a programme organised by brokers in Lagos, noted that the challenge of getting the firm's accounts ready on time for National Insurance Commission (NAICOM) approval, which was caused by the firm's international subsidiaries with different accounting standards, has been addressed.

He said IGI has come a long way, adding that its achievements over the years have been made possible by the support, co-operation and contributions of key stakeholders like brokers.

He said: "For us in IGI, it is a new dawn. We cannot run away from the harsh reality of the business environment today, but I want to assure you that IGI has retooled and is poised for a paradigm shift that will take it to greater heights. 

"Our Board and Management are irrevocably committed to a NEW IGI that is determined to regain market leadership and delight shareholders with robust return on investment. Our conviction is that we can make it happen in the shortest possible time."

He said the firm has carried out a holistic appraisal of its operations and taken steps to address its limitations, stressing that  the challenges confronting the firm are being tackled head-on and the signs are clear that the efforts are already yielding positive results. 

"We are vigorously pursuing a policy that will ensure prompt payment of claims and commissions, an issue which has always generated controversy and bad blood for the insurance industry. Some of you here present will testify to the fact that we have improved tremendously in this regard. From 2014 till date, we have paid a total of N2.1 billion as claims.

"The challenge of getting our accounts ready on time for NAICOM approval, which was caused by our international subsidiaries with different accounting standards, has also been addressed. 

"There has been appreciable improvement year on year and things will continue to get better, as we are committed to NAICOM’s directive that accounts should be presented by April. With the full cut-over to IFRS and the experience curve we now have, future accounts will be out as at when due," he said