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IGI Eyes Insurance Market Leadership in Africa

21 Nov 2012

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Industrial and General Insurance Plc logo

Nnamdi Duru
The Industrial and General Insurance Plc (IGI), one of the leading risks underwriting groups in the country has forayed into the future, saying that having conquered the West African insurance market, it is now focused on becoming the biggest insurance group in Africa.

The group’s Executive Director (Finance and Accounts), Mr. Yinka Obalade, stated this while addressing guests and customers during the IGI day at recent Lagos International Trade Fair.
He noted that from inception in 1992, IGI has continued to execute insurance mandates for Federal and State Government institutions and consummated insurance transactions for several leading multinational corporations.

According to him, in spite of having grown its business to become the leading underwriter in West Africa, the group is still working hard to assume the leadership position in the continental insurance market.

“Today, the IGI group is the largest insurance company in Nigeria and the largest underwriter in West Africa. Insurance remains our flagship and we have subsidiaries and strategic investments in other diverse sectors.

“In spite of our achievements till date, we still nurse a very healthy ambition. IGI’s ultimate corporate goal is to become the leading pan-African insurance and financial supermarket in Africa in the shortest possible time,” Obalade said.

According to him, the ambition of the company was hinged on the fact that it discovered before its competitors that the East and West African sub-regions provide enormous opportunity for business growth, especially because it is clear that Africa needs private sector-led socio-economic transformation to achieve sustainable development.

He added that the benefits derived from investing across the continent strengthened the leadership position of the company across its countries of operations.

According to him, IGI offers a full range of risk management services, the company also does comprehensive and confidential risk management reports on property for its clients wherever they may be located in Nigeria with a view to helping them determine areas that require improvements in physical infrastructures.

“As a dynamic organisation, IGI is focused on improving its services to all its stakeholders and the Nigerian nation. Our mission, as we seek to become a global brand, is to continue to create, protect and preserve wealth,” he assured.

Obalade also stated that the group’s capacity to underwrite big ticket risks was hinged on the profile of its board, the technical expertise of its management and its partnership with the Swiss-Re and Lloyds of London.

“Our strength has made us the preferred insurer for individual and corporate clients seeking premium insurance and related financial services. Our Core Values remain Professionalism and Integrity. These core values drive our medium term plan to become a mega one-stop financial shop providing a vast array of world-class insurance, financial intermediation and investment services,” he added.

IGI commenced business in 1992 and ranks among the market leaders in the underwriting of general insurance and specialised industrial risks including oil, gas, maritime, aviation, engineering and industrial risks.
The company prides itself as being the biggest insurance group in Nigeria and the largest underwriter in the West African sub-region with shareholders’ fund in excess of N31 billion and assets base in excess of N45 billion.

It has subsidiaries and strategic investments in other diverse sectors including real estate, banking, telecommunications, mining, construction, waste management and engineering.
With 45 branches across the country IGI has subsidiaries in Uganda, Rwanda, Ghana and Gambia and representative offices in London and Washington, DC.

Tags: Business, Nigeria, Featured, Insurance Market

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