A subsidiary of Norrenberger Group, International Energy Insurance (IEI), has concluded an arrangement to roll out risk management products that would address climate change issues in the country.
This comes on the heels of global calls on the private sector to rise against the ills of natural disasters ravaging the African market, and Nigeria in particular.
The Managing Director/Chief Executive Officer of IEI, Olasupo Sogelola, said insurance has to move towards supporting climate change, starting from the impact of climate change on agricultural products. Sogelola said IEI would come up with products that would enhance and support climate change in all its ramifications.
“Take Namibia for instance, entering into the country from the airport, you will see patched land that shows that something is wrong there. I believe that nothing draws attention more than what you see rather than what people talk about.
“So, insurance has to move now, starting from the impact of climate change even on agricultural products in Nigeria. Agriculture insurance is something that has to respond quickly at the moment along with other classes of insurance.
“For us at IEI, we are coming up with products that would enhance and support climate change in all ramifications. We have two important goals at IEI. The first is about our value proposition to the system which is to pay claims as quickly as possible,” he said.
