Yemisi Izuora
The Industrial and General Insurance Plc (IGI) has paid about N3.5 billion in claims from 2014 till date.
The Group Managing Director, Industrial and General Insurance Plc (IGI), Mr. Rotimi Fashola, who disclosed in Lagos said IGI is the most endowed insurer not only in operational spread but also in asset base.
According to him, IGI’s strength is being leveraged to restore its dominance in its chosen markets and products.
Currently, he said IGI’s investment in Real Estate/landed property and subsidiaries is huge and concentrated.
“It is worth about N22 billion, which far exceeds the threshold stipulated by law. The concentration is largely due to the crash of the quoted equities market. However, we have started restructuring our assets and offering some of the property for sale.
“This is aimed at boosting our liquidity and enhancing our capacity to promptly meet our obligations. The restructuring has generated over N2 billion in the last one year, part of which has been ploughed into repositioning the company,” he explained.
The Insurance Act 2003 pegs investment in landed property at 25 percent and 35 percent for general business and life business respectively.
The company called for a review in the face of the crash in the quoted stock market which made some insurance companies lose heavy investment in the past.