International Energy Insurance (IEI) Plc, a subsidiary of Norrenberger Group, has said that it is adjusting its models of product offerings and risk management capabilities to respond to climate change.
This is coming on the heels of global calls on the private sector to rise against the ills of natural disasters ravaging Africa and now Nigeria, as a result of climate change.
Speaking on the sideline of the just concluded 50th Conference and Annual General Assembly of the African Insurance Organisation AIO with theme “Coping With Rising Natural Catastrophes In Africa” which held recently in Windhoek, Namibia, the Group said insurers across the continent also need to rethink their models, product offerings and risk management capabilities to adjust it in a way that they respond to the reality of time.
The Group Managing Director, Norrenberger Group, Mr. Tony Ede who was a delegate at the AIO Conference said the topic of the program couldn’t have come at a time that is better than now.
He stated that global natural disasters are taking place repeatedly resulting in the world losing $380 billion in 2023, with losses emanating from insurance at about $118billion.
He said this is why the AIO began to rethink natural disasters and it is important that all insurance companies too should begin to rethink their models to withstand changes in the global economy. He stressed that natural disasters and climate change have come to stay.
The Managing Director/CEO, International Energy Insurance (IEI) Plc, Mr. Olasupo Sogelola on his part said insurance has to move towards supporting climate change, starting from the impact of climate change especially on agricultural products in Nigeria.
Mr. Sogelola said IEI is coming up with products that would enhance and support climate change in all ramifications.
SOURCE: VANGUARD