Insurers raise hopes on improved sector returns
Determined to increase the shareholder’s confidence in the nation’s insurance industry, underwriting companies have been assuring investors of better returns on their investments.
In an interview with the Head of Corporate Communications, Industrial and General Insurance Plc said that the past years have been very challenging for some companies in the industry.
According to him, the situation had consistently defied operational initiatives and thus left some companies sinking deeper.
To arrest the situation, he said that the board of IGIa approved the launch of a strategic and holistic turnaround programme early this year, under new management, with a view to putting a sustainable halt to the company’s declining fortunes and restore growth.
“The company hitherto has been overburdened with bogus wage bill arising from a defective human capital deployment. Because this was no longer sustainable under the very difficult circumstance IGI found itself, the inexorable imperative was to undertake a proper review and adjustment of costs across the board.
“The company is working assiduously to meet the recapitalisation deadline of the National Insurance Commission (NAICOM). We are optimistic of the eventual outcomes and are encouraged by the level of our progress so far on the turnaround initiative.
“We are aware of today’s realities in the Insurance industry which necessitate that companies return to the drawing boards to re-strategise in order to remain in business, he said.
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