Industrial and General Insurance (IGI) is an

Nigeria Nigeria ( ), , ig, Naìjíríyà, yo, Nàìjíríà, pcm, Naijá , ff, Naajeeriya, kcg, Naijeriya officially the Federal Republic of Nigeria, is a country in West Africa. It is situated between the Sahel to the north and the Gulf o ...

insurance company Insurance is a means of protection from financial loss in which, in exchange for a fee, a party agrees to compensate another party in the event of a certain loss, damage, or injury. It is a form of risk management, primarily used to hedge ...

and is a major provider of insurance and risk management services in

West Africa West Africa or Western Africa is the westernmost region of Africa. The United Nations defines Western Africa as the 16 countries of Benin, Burkina Faso, Cape Verde, The Gambia, Ghana, Guinea, Guinea-Bissau, Ivory Coast, Liberia, Mali, M ...

. It has subsidiaries, in

Ghana Ghana (; tw, Gaana, ee, Gana), officially the Republic of Ghana, is a country in West Africa. It abuts the Gulf of Guinea and the Atlantic Ocean to the south, sharing borders with Ivory Coast in the west, Burkina Faso in the north, and To ...

the Gambia The Gambia,, ff, Gammbi, ar, غامبيا officially the Republic of The Gambia, is a country in West Africa. It is the smallest country within mainland AfricaHoare, Ben. (2002) ''The Kingfisher A-Z Encyclopedia'', Kingfisher Publicatio ...

, Rwanda and

Uganda }), is a landlocked country in East Africa. The country is bordered to the east by Kenya, to the north by South Sudan, to the west by the Democratic Republic of the Congo, to the south-west by Rwanda, and to the south by Tanzania. The sou ...

and a representative offices in

London London is the capital and List of urban areas in the United Kingdom, largest city of England and the United Kingdom, with a population of just under 9 million. It stands on the River Thames in south-east England at the head of a estuary dow ...

and

Washington, DC ) , image_skyline = , image_caption = Clockwise from top left: the Washington Monument and Lincoln Memorial on the National Mall, United States Capitol, Logan Circle, Jefferson Memorial, White House, Adams Morgan ...

. The company's main focus is insurance services, but through subsidiary companies, it is also invested in a diverse array of other sectors, including:

banking A bank is a financial institution that accepts deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital markets. Becau ...

construction Construction is a general term meaning the art and science to form Physical object, objects, systems, or organizations,"Construction" def. 1.a. 1.b. and 1.c. ''Oxford English Dictionary'' Second Edition on CD-ROM (v. 4.0) Oxford University Pr ...

engineering Engineering is the use of scientific principles to design and build machines, structures, and other items, including bridges, tunnels, roads, vehicles, and buildings. The discipline of engineering encompasses a broad range of more speciali ...

mining Mining is the extraction of valuable minerals or other geological materials from the Earth, usually from an ore body, lode, vein, seam, reef, or placer deposit. The exploitation of these deposits for raw material is based on the economic ...

real estate Real estate is property consisting of land and the buildings on it, along with its natural resources such as crops, minerals or water; immovable property of this nature; an interest vested in this (also) an item of real property, (more general ...

telecommunications Telecommunication is the transmission of information by various types of technologies over wire, radio, optical, or other electromagnetic systems. It has its origin in the desire of humans for communication over a distance greater than that fe ...

and

waste management Waste management or waste disposal includes the processes and actions required to manage waste from its inception to its final disposal. This includes the collection, transport, treatment and disposal of waste, together with monitorin ...

. , the company's total assets were estimated at about US$338 million (NGN:53.1 billion), with shareholders' equity of about US$140 million (NGN:22 billion). At that time, IGI was the largest insurance company in Nigeria and the largest underwriter in West Africa.

History

Industrial and General Insurance Company Plc was founded as a limited liability company on 31 October 1991 by Oluremi (Remi) Olowude. The company commenced business in January 1992. Remi Olowude was both founder and CEO until he died in September 2014.

Branch network

The company has a branch network in 45 urban locations in the majority of states in the Federal Republic of Nigeria.

Products and services

The products and services offered by IGI include the following classes of insurance and non-insurance services: * Individual Life Products * Group Life Products * Aviation Insurance * Engineering Insurance * General Business Insurance * Global Health Insurance Plan * Marine Insurance * Oil & Energy Insurance Services

Other investments

The company, either alone or together with other subsidiaries, is an investor in the following entities: *

National Insurance Corporation National Insurance Corporation Limited, commonly referred to as National Insurance Corporation (NIC), is an insurance company in Uganda. The company is a leading provider of insurance and risk management services in the country. Overview NIC, one ...

– IGI is the majority shareholder (51%) in NIC, the largest insurance company in Uganda. * Global Trust Bank – IGI and its Ugandan subsidiary NIC, jointly owned 91% of

's 15th largest bank by assets; the bank failed in 2014 and

DFCU Bank DFCU Bank, registered as the Development Finance Company of Uganda Bank Limited, is a commercial bank in Uganda. It is licensed by the Bank of Uganda (BoU), Uganda's central bank and national banking regulator. Overview As of December 2021, DFC ...

acquired the deposits and viable assets. *

DFCU Group The Development Finance Company of Uganda Group, commonly referred to as the DFCU Group, is a financial services company in Uganda. Overview * DFCU Limited * DFCU Bank Limited * DFCU Leasing Limited * Rwenzori Properties Limited * Nakasero Pr ...

– Through NIC, IGI is a minority shareholder in the holding company of

, the 5th largest bank in Uganda. * SONARWA – IGI owns a controlling majority interest in Rwanda's largest insurance company. * Industrial and General Insurance Company (Ghana) Limited. * IGI Life Assurance Ghana Limited – Accra,

* Monarch Communications Limited –

Lagos Lagos (Nigerian English: ; ) is the largest city in Nigeria and the second most populous city in Africa, with a population of 15.4 million as of 2015 within the city proper. Lagos was the national capital of Nigeria until December 1991 fo ...

* Global Trust Savings and Loans Limited – Lagos, Nigeria * IGI Gamstar Insurance Company Limited, the Gambia – Banjul,

* All Crown Registrars Limited * IGI Pension Fund Managers Limited * International Health Management Services Limited.

Governance

The governing body of the company is the twelve-member board of directors. General Yakubu Gowon, one of the non-executive board members, is the chairman.

References