Bisi Bamishe
Industrial And General Insurance Plc (IGI) has assured policyholders and shareholders of its commitment and capacity to meet all obligations, including payment of claims.
IGI gave the assurance in Lagos at the weekend in a statement issued to allaythe fears and anxiety generated by the removal of the company and two others from the membership of Nigerian Insurers Association (NIA).
The statement said, “Since the turnaround project of the company kicked off, the focus has been to clear all backlog of claims as quickly as possible. In the past 15 months counting from 2020, IGI has paid over N1 billion as claims and there is no resting on our oars until the goal is achieved”.
“Our ongoing corporate transformation and restructuring makes prompt payment of claims inviolable. It is for this reason that, despite the current economic constraints, IGI will continue to pursue policies that gladden customers and strengthen public trust in the company,” the statement added.
On its expulsion by the NIA, the company described the decision as “unfortunate and a major misstep that could boomerang, with unintended consequences on the entire insurance industry. We agree with industry analysts that the matter could have been better handled without triggering a panic signal capable of impeding the current growth trajectory in the nation’s insurance sector.”
The statement thanked customers and members of the public for their support and understanding, stressing that the issues involved are being addressed and that the prompt payment of claims would remain the priority of the company.
Expressing satisfaction with its marked progress in the recapitalisation and repositioning of the business, the company said it was prepared to take full advantage of emerging opportunities in the industry.
“IGI shall continue to be a responsible insurance services provider, tending our customers’ interests at all times, in line with its corporate values of integrity, dependability and responsiveness.”
