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| 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
The restructuring exercise embarked by Industrial and General Insurance (IGI) Plc has generated over N2 billion in the last one year, part of which has been ploughed into repositioning the company, its Group Managing Director Rotimi Fashola has said.
He disclosed this today at the Nigerian Council of Registered Insurance Brokers (NCRIB) members evening in Lagos. He noted that the firm has carried out a holistic appraisal of its operations and taken steps to address its limitations, adding that the
challenges confronting the firm are being tackled head-on and the signs are clear that its efforts are already yielding positive results.
He said the firm is 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, stressing that from 2014 till date, the firm has paid a total of N2.1 billion as claims.
"IGI remains the most endowed insurer not only in operational spread but also in asset base. That strength is being leveraged to restore IGI’s dominance in its chosen markets and products. Currently, our investment in Real Estate/landed properties and subsidiaries is huge and concentrated.
"It is worth about N22 billion, which far exceeds the threshold stipulated by law. The concentration is largely due to the crash of the Quoted Equities market. However, we have started restructuring our assets and offering some of the properties for sale.
"This is aimed at boosting our liquidity and enhancing our capacity to promptly meet our obligations. The restructuring has generated over N2 billion in the last one year, part of which has been ploughed intorepositioning the company," he said.
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