A Review of the Nigerian Energy Industry

IEI settles N616.18m claims in six months

Insurance risk27 August 2014, Lagos – International Energy Insurance (IEI)Plc paid a total of N616.18 million in the first half of the year ended June 30, 2012.

The Managing Director of the company, Mrs. Roseline Ekeng, who made this known in a statement in Lagos, said the company had kept its promise to constantly deliver on prompt claims payment to its clients, all year round.

According to her, at the end of the first half the year, IEI “paid out a notable sum of N616,177,035.40 million on claims as an affirmation of its resolve to constantly meet its business obligations to its customers.”

The company’s boss noted that all through the years, IEI had continued to earn and enjoy trust and loyalty from its customers.
“This prompt response indicates the company’s resolve to always act out its core values of proficiency, integrity, innovation, dependability and friendliness,” she added.

She said the claims paid were categorised into motor, fire, general accident, marine cargo, marine hull, bond, oil and gas, industrial all risks, public liability and aviation insurance portfolios.
While expressing her views on prompt claims settlement by her organisation, Ekeng said transparency and reliability were the most enduring values to earn customers’ trust, “and these were the values that IEI anchors its business principles on. Today’s business environment requires more ethical standards.”

The company’s boss observed that in paying this magnitude of claims during the first six months of the year, IEI had demonstrated to its clients that it is a company that cares for their welfare consistent with its equity statement in line with its foreword, “the energy to care”.

International Energy Insurance prides itself of having the most technical and experienced energy underwriting unit in the Nigerian insurance market. The company has also created a micro-insurance desk to be able to tap into the Market Development and Restructuring Initiatives (MDRI) that was initiated by the regulator, National Insurance Commission (NAICOM).

With the use of technology, the company said it had re-energised itself to offer top of the range services in all sectors. IEI had also demonstrated a consistent growth-led business model that has withstood the test of time, the company’s boss added.

– This Day

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