Gamstar insurance pays D51M to Banjul Breweries, NAWEC

Thursday, January 24, 2019

IGI Gamstar Insurance Company Ltd. has continued to play a dominant role in the country’s insurance market, with the latest presentation of cheques amounting to D51 million to Banjul Breweries and the country’s utility giant- National Water and Electricity Company (NAWEC).

The latest move came following a fire incident that occurred at Banjul Breweries and Machinery Breakdown at Nawec Brikama Power Plant.

Managing director of IGI Gamstar Insurance Co. Ltd. Mr. Tayo Olowude explained that IGI Gamstar prides itself with a total assets of D76,496,600.00 and one of the most recapitalised insurance companies with shared capital of D35 million fully paid; endowed with first class reinsurance arrangement, group synergy and requisite professional expertise.

He disclosed that IGI Gamstar is part of IGI Group, which has its presence in Nigeria, Uganda, Rwanda and United Kingdom.

Mr. Olowude explained that they paid D8, 702,102.70 to Banjul Breweries Ltd. following a fire incident that occurred at their premises some months back. Another sum of D43, 257,155.33 was presented to NAWEC following the Machinery Breakdown at its Brikama Power Plant.

“In the past, most insurance claims were paid without being reported to the public. In August 2017 IGI Gamstar paid the sum of D1, 137,003.00 to MFH Group following a fire incident in one of their premises. All these are made possible through our first class reinsurance arrangement and strong assets base. We have the expertise and capacity to place any form of insurance with ease,” MD Olowude stated.

Author: Pa Modou Cham