IEI plans to revamp capacity in energy insurance

The Managing Director, International Energy Insurance, Mr Olasupo Sogelola, has said the company will expand its retail and corporate businesses, and rebuild its capacity in the oil and gas sector.

Sogelola said this while speaking on the five-year growth plans of the company during a press briefing in Lagos. He noted that IEI Plc was set for expansion after its acquisition by Norrenberger, an integrated Financial Services Group.

Recalling that IEI used to be a major player in the oil and gas sector, he said, “We are going to reach out to all our energy sector stakeholders; we served them well and we will claim them back.”

He said the company would expand its alternative channels to attract the retail market including the small and medium enterprises, educational institutions, religion societies and market women associations among others.

The company, he added, would create new products to meet their needs and attract market penetration.

He noted that the corporate market had been contributing largely to the company’s premium and it would ensure that it continued to gain more expansion.

Sogelola said, “We are not leaving our corporate services. In the past years, the corporate has been expanding our operations, we will be expanding it.”

According to him, the retail sales offices of IEI would be better equipped to meet the needs of its customers.

He also said that the company would ensure a robust system that would deliver what it required.

“As at today, we have paid all brokers all outstanding claims excluding the foreign-denominated claims which we have started to pay but for the currency fluctuation. But by June, they will be fully paid.”

The managing director also revealed that its new investors paid N5bn in cash deposit into the company and all it required was for the National Insurance Commission’s approval, a move that would enhance the capital base of the company.


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