By Patience SAGHANA
SONARWA Rwandaâ€™s biggest insurer interms ofÂ revenue and financial assets hasÂ remittedÂ Rwf507 million to the Rwanda Investment Group (RIG) according to company officials.
SORNAWA manned by Nigeriaâ€™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.
â€œTherefore liability attached because the damage occurred before erection was completed,â€ 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 Nigeriaâ€™sÂ 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 companyâ€™s commitment to honor its obligations to its customers.
He also explained that the RIGâ€™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 companyâ€™s forthcoming 35th anniversary.
It will be recalled Industrial and General Insurance Plc (IGI) has acquired 35 per cent majority stake in Society Nouvelle dâ€™Assurance du Rwanda (SONARWA), which is Rwandaâ€™s biggest insurance company. The stake is worth $4 million.
Announcing IGIâ€™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 Rwandaâ€™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.