IEI to roll out projects for oil and gas businesses

The International Energy Insurance Company intends to roll out a couple of projects before end of the year aimed at supporting local businesses to maximize opportunities in the emerging oil industry.

Chief Executive Officer of IEI Ghana, Uche Okugo says though Ghana has yet to reach her full energy potentials, IEI is committed to offering support services to clients interested in oil and gas business.

He describes Ghana as the 'beautiful bride for West Africa' with limitless opportunities for businesses to explore.

Mr. Okugo says the company is poised to capture a fair share of the market by deploying its “superior customer-centric insurance solutions” to both general business and energy sectors.

He spoke to Luv Fm in Kumasi after the company honoured payment of claims to motor insurance client, Enepa Agro Chemicals Limited. IEI ventured the Ghanaian market about two years ago.

The company has within the past six-months paid over 300,000 Ghana Cedis in motor insurance claims to clients in the Ashanti region alone.

The Managing Director noted the Kumasi market has embraced the company because of its consistent show of commitment to customers through prompt payment of claims.

Like most insurance businesses in the country, IEI had expected a higher percentage increase in insurance premium to cater for the high motor claims. Mr. Okugo however observed the new motor tariff has helped in eliminating the problem of insurance undercutting.

“If you collect adequate premium, that means you have a healthy pool, so there is no undercutting. You are collecting adequate premium. That means the premium you're collecting is equitable to the pool. So when there are claims, you can comfortably pay but you see when there is undercutting and the rates are low, it affects your financial capacity to pay claims”.

Story by Kofi Adu Domfeh