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Wednesday, July 24, 2024

IGI Gamstar Insurance pays claims costing over D4M to Nawec, Royal Enterprise

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By Aminata S Kuyateh

Following a fire incident at Kotu Power Plant where generator number 5 (G5) caught fire leading to major destructions in electricity supplies, IGi Gamstar Insurance company recently presented a cheaque of over D4,000,000 to National Water and Electricity Company and $7,000 dollars to Royal Enterprise respectively for csettlement.

The presentation of the cheque to Nawec was held at the Nawec premises in Kanifing.

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The insurance company was established in 1991 to underwrite all classes of general insurance.

Managing director, IGI insurance, Tayo Oluwude, disclosed: “This year alone between January – August 2023 IGi insurance has paid over D5,000,000 insurance claims to different entities. In 2015, IGi Gamstar insurance paid the sum of 71,795 Euros as insurance claim to Nawec following a machine breakdown. Also in May of 2018, IGi Gamstar paid the largest insurance claim in the history of insurance industry in The Gambia to nawec the sum 43,257,155.33 dalasi following a machine breakdown at their Brikama power plant.”

Director Oluwude said the company has operated responsibly since its establishment and has become a household name and the leading insurance company in The Gambia insurance industry.

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MD Oluwude said claims settlement has always been their top priority, in recognition of the fact that a person or company is in financial distress following a loss required. “Immediately, we give priorities to prompt settlement claim. However this is made possible due to our huge reserve and strong asset base and reinsurance backing. Also, our reinsurance portfolio is handled by consortium of first-class reinsurance companies highly rated in the global reinsurance market,” he said.

Nani Juwara, managing director of Nawec, said Gamstar company has been working with Nawec decades prior to 2013.

“However claims are not always a happy moments, our objective is to make sure all risks are mitigated to avoid fire and machine breakdown. Nawec is managing a very expensive and sophisticated equipment. Also, our sophistication is increasing on a daily basis” MD Juwara said.

MD Juwara disclosed that Nawec and partners with support from Gambia government is investing $240, 000,000 to the sector to update the network and provide asset to clients.

“Nawec is modernizing and increasing its asset base however the need for insurance is becoming more urgent for us now than in the past,”  he said.

In a similar engagement, Gamstar officials proceeded to Royal Enterprise limited, a trading company that deals with cashew nuts and the officials presented a cheque of $7, 000 dollars to the company, following the burglary that occurred at their business trading premises where cash was taken.

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