THE insurance industry is ready for the challenges in the emerging oil and gas industry in the country, the Managing Director of International Energy Insurance (IEI), Ghana, Mrs Roseline Ekeng, has stated.
She, therefore, assured investors in the country’s offshore exploration of the necessary financial support, good turnaround time, relevant expertise and good working relationship with all players in the energy market.
Mrs Ekeng told the Daily Graphic that for the insurance companies to play their part they must ensure that they had a good capital base that could absorb the risks assoicated with the industry and that needed collaboration and syndication among insurance companies.
“For the insurance company to underwrite these risk effectively it requires capacity and competency; this means good capital base and technical know-how of the risks,” she said.
She said IEI would lead the change in the new face in the industry to ensure that the company did not only become the leader but equally positioned to handle the unexpected.
She said apart from oil and gas, the company also had a wide range of products including solid minerals, marine (hull and cargo) aviation; general insurance business such as motor, fire and allied perils, burglary, engineering, goods in transit and general accident.
Mrs Ekeng said the robust capital base that IEI had brought into the country’s market had led to changes in the industry and that IEI had positioned itself for the oil and gas industry. She, therefore, expressed the hope that other players were equally prepared for that
Asked if there was going to be unlimited third-party damage or the same way of doing things, she said her company would ensure that they made more third-party exposures associated with doing business in the oil and gas industry available.
“Our products cater for both offshore and onshore risks as well as general line of insurance business. In addition to oil and gas business we are looking at solid minerals, marine (hull and cargo) and aviation; general insurance business like motor, fire and allied perils, which we are well positioned well for,” the managing director said.
Mrs Ekeng said the company’s focus would be the active execution of corporate social responsibility initiatives which hinges on product development and excellent customer service.
That, she said, would create corporate brand awareness for IEI and make it an insurance company of choice and one of the foremost brands in the country.
No comments:
Post a Comment