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SORNAWA settles RIG Rwf507m claims

By Patience SAGHANA
SONARWA Rwanda’s biggest insurer interms of  revenue and financial assets has  remitted  Rwf507 million to the Rwanda Investment Group (RIG) according to company officials.

SORNAWA manned by Nigeria’s Mr Segun Durojaiye as the Acting Manging Director explained that the Rwf 507 million claims which SONARWA paid was in line with the loss that was caused by damage to the platforms on which the extraction equipment was placed which caused the equipment to sink before installation was completed.

The claim is to pay for the extraction equipment and floating barge of the Rwanda Energy Company (REC), after it was recently destroyed. REC is a subsidiary of RIG which is executing the Methane gas project on Lake Kivu.

RIG has embarked on the Methane gas project in order to test the fired power plant which will be connected to the national grid to increase electricity supply.

“Therefore liability attached because the damage occurred before erection was completed,” he added.
However when the extraction equipment was placed on the floating barge it sank 300 meters deep into the bottom of the Lake.

Durojaiye who was the former MD of Nigeria’s  Oasis Insurance Company, elucidated that the company will always respond in times of a disaster and misfortunes for their numerous customers. He said SONARWA paid a total of Rwf 4.5 billion as claims in 2009 a clear demonstration of the company’s commitment to honor its obligations to its customers.

He also explained that the RIG’s claim is not the biggest claim ever paid by SONARWA. In 2002 the company paid more than Rwf 1 billion to compensate UTEXRWA when the factory was burnt down by fire.
Over the years the company has maintained track records of claims settlement and customer satisfaction.

In 2010 the company plans to extend coverage to the farmers, small scale industries and homeowners through new products like livestock insurance, micro insurance and mortgage guaranteed schemes to be launched during the company’s forthcoming 35th anniversary.

It will be recalled Industrial and General Insurance Plc (IGI) has acquired 35 per cent majority stake in Society Nouvelle d’Assurance du Rwanda (SONARWA), which is Rwanda’s biggest insurance company. The stake is worth $4 million.

Announcing IGI’s stake in SONARWA at a forum in Kigali, Rwanda yesterday, the Executive Vice-Chairman, Mr Remi Olowude, said the acquisition was an opportunity for IGI to contribute to the progress of Rwanda’s economy.

“Our partnership with SONARWA is in sync with our stated goal of expanding in the continent while helping to develop their economies,” he said.


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