International Energy Insurance Plc, a Norrenberger Group affiliate, has announced that it is modifying its product offering and risk management strategies in response to climate change.
This follows the global calls for the private sector to step up in the face of natural disasters hitting Africa and now Nigeria as a result of climate change, according to Vanguard.
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, stated that insurers throughout the continent must rethink their models, product offerings, and risk management capabilities in order to respond to changing times.
The Group Managing Director, Norrenberger Group, Mr. Tony Ede, a delegate at the AIO Conference, stated that the program’s theme could not have arrived at a better time.
He added that worldwide natural disasters occur on a regular basis, costing the world $380 billion in 2023, with insurance losses totaling approximately $118 billion.
He stated that this is why the AIO began to reconsider natural disasters, and that all insurance firms should do the same to adapt to changes in the global economy. He highlighted that natural calamities and climate change are here to stay.
The Managing Director/CEO, International Energy Insurance (IEI) Plc, Mr. Olasupo Sogelola said that insurance must shift its focus to climate change, beginning with the impact of climate change on Nigerian agricultural exports.
Sogelola stated that IEI is developing technologies that will enhance and promote climate change in all aspects.
