AIG pays Nile Breweries sh1.2b claim
Nov 16, 2008
AMERICAN Insurance Group-Uganda (AIG-U) has paid Nile Breweries sh1.25b as compensation for a machine breakdown. Officials at the Jinja-based plant said the breakdown caused a financial loss of $370,000 (about sh680m) and disrupted production.
By James Odomel
AMERICAN Insurance Group-Uganda (AIG) has paid Nile Breweries sh1.25b as compensation for a machine breakdown. Officials at the Jinja-based plant said the breakdown caused a financial loss of $370,000 (about sh680m) and disrupted production.
Alex Wanjohi, the AIG managing director, said the final settlement including the cost of replacing the damaged mash tun-vessel machine and loss of production was valued at $623,205 (about sh1.25b).
“Despite the concerns surrounding AIG Inc, this settlement indicates that AIG- Uganda continues to pay claims and underwrite new business as usual,†Wanjohi said while handing over the claim cheque.
“We are tightly regulated and profitable and shall continue to underwrite our clients’ risks and pay claims as we have in the past,†he said.
The payment is the largest compensation in the insurance history in the country.
Nile Breweries is a subsidiary of South African-based SABMiller Group.
AMERICAN Insurance Group-Uganda (AIG) has paid Nile Breweries sh1.25b as compensation for a machine breakdown. Officials at the Jinja-based plant said the breakdown caused a financial loss of $370,000 (about sh680m) and disrupted production.
Alex Wanjohi, the AIG managing director, said the final settlement including the cost of replacing the damaged mash tun-vessel machine and loss of production was valued at $623,205 (about sh1.25b).
“Despite the concerns surrounding AIG Inc, this settlement indicates that AIG- Uganda continues to pay claims and underwrite new business as usual,†Wanjohi said while handing over the claim cheque.
“We are tightly regulated and profitable and shall continue to underwrite our clients’ risks and pay claims as we have in the past,†he said.
The payment is the largest compensation in the insurance history in the country.
Nile Breweries is a subsidiary of South African-based SABMiller Group.