International Energy Insurance Plc, a subsidiary of Norrenberger Group, has said that it is adjusting its models of product offerings and risk management capabilities to respond to climate change.
Speaking on the sideline of the just concluded 50th Conference and Annual General Assembly of the African Insurance Organisation AIO with theme “Coping With RisingCatastrophes In Africa” which held recently in Windhoek, Namibia, the Group said insurers across the continent also need to rethink their models, product offerings and risk management capabilities to adjust it in a way that they respond to the reality of time.
He stated that global natural disasters are taking place repeatedly resulting in the world losing $380 billion in 2023, with losses emanating from insurance at about $118billion.
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