International Energy Insurance Plc office
International Energy Insurance Plc (IEI), one of the non-life risks underwriting groups in the country, said it paid N1.2 billion to various claimants in the year ended December 31, 2012.
The huge payout, according to the firm, was another promise kept and symbolises its core values of dependability; which is the hall mark of its operations.
The Managing Director of the company, Mrs. Roseline Ekeng made this known in a statement saying prompt payment of claims goes a long way to demonstrate IEI’s commitment to its policyholders that it will come to their aid when they suffer losses.
According to Ekeng, the claims paid were in respect of motor, fire, general accidents, marine cargo, marine hull, bond, oil and gas, industrial all risks, public liability and aviation businesses respectively.
She noted that IEI would not compromise on its dependability promise, adding that without transparency and dependability no company would remain in business. “You don’t say one thing and mean another,” she stressed.
The company’s boss also observed that transparency and reliability were the most enduring values to earn customer trust, adding “IEI earns every single trust and loyalty it enjoys from its customers.”
Ekeng noted that today’s business environment requires “more open hands and doing what you say” even as customers have become wiser and are more exposed to global best practices. In this scenario, no well-meaning underwriter could hide under any guise, she said.
With energy insurance as its core strategic business, IEI boasts of having the most technical and experienced energy underwriting unit in the Nigerian market. It identified energy insurance as a yawning gap in insurance offerings then and prepared itself to fill it.
With the best crop of professionals and sound management, IEI demonstrated a consistent growth-led business model and positioned itself as Nigeria’s first and most preferred energy-focused insurance company with a huge capital base and capability plans.
It became a publicly quoted company in 1997, with an authorised share capital of N8.5 billion, with N3.2 billion paid up, and shareholders’ fund of N9.02 billion as at 2010 financial year end.