IEI  Designs Products in Response to Climate Change

International Energy Insurance (IEI) Plc, a subsidiary of Norrenberger Group, 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 in Namibia, the group said insurers across the continent also needed 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 programme couldn’t have come at a time that was  better than now.

He stated that global natural disaster was  taking place repeatedly resulting in the world losing $380 billion in 2023, with losses emanating from insurance at about $118billion.

He said that was  why the AIO began to rethink natural disasters, adding that it was  important that all insurance companies too should began  to rethink their models to withstand changes in the global economy.

The Managing Director/CEO, International Energy Insurance (IEI) Plc, Mr. Olasupo Sogelola, on his part said insurance had to move towards supporting climate change, starting from the impact of climate change especially on agricultural products in Nigeria.

Sogelola said IEI was coming up with products that would enhance and support climate change in all ramifications.

He said: “Take Namibia for example, entering into the country from the airport, you will see patched land that shows that obviously something is wrong there. I believe that nothing draws attention more than what you see rather than what you are talking about without seeing it.”