RIG gets paid Rwf507 million insurance claims

SONARWA Rwanda’s biggest insurer by both revenue and financial assets has made a remittance of Rwf507 million to the Rwanda Investment Group (RIG) according to company officials. 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. “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 Ag. Managing Director of SONARWA Olusegun Durojaiye said. “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. Olusegun said 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. Olusegun also revealed 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. Ends

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RIG gets paid Rwf507 million insurance claims