L-R: Deputy Director (NIA), Davies Iyasere; Director-General, CIIN, Mrs. Abimbola Tiamiyu; President, Institute of Loss Adjusters of Nigeria (ILAN), Mr Dipo Olanrewaju; Deputy President, Nigerian Council of Registered Insurance Brokers (NCRIB) Mr Tunde Oguntade; Chairman IICC and President of CIIN, Edwin Igbiti; Head of Pharmacy, Oba Ademola Hospital Abeokuta, Dr (Mrs) Olufunke Oyeneye; Director-General, Nigerian Insurers Association (NIA), Mrs Yetunde Ilori and Executive Secretary/CEO, NCRIB, Mr Tope Adaramola, at the event held at weekend in Ijebu-Ode, Ogun State.
BY NKECHI NAECHE- ESEZOBOR— The Nigerian insurance industry has remained resilient and continued to witness growth despite the numerous economic recessions, the effects of the COVID-19 and the #ENDSARS protests, which resulted into millions of claims.
These were the words of the Chairman of Insurance Industry Consultative Council (IICC), Edwin Igbiti, at the 2022 IICC Media Retreat held in Ijebu-Ode, Ogun, with the theme: “Media As Catalyst For Insurance Inclusion”.
According to him the insurance industry had stood as one of the most resilient and fast expanding sectors in the nation’s economy.
“As the industry witnesses expansion, we equally need you the media to keep promoting these achievements for the good of the common goal of the industry,” Igbiti said.
Igbiti who also doubles as the President/Chairman in Council, Chartered Insurance Institute of Nigeria (CIIN), also said that poverty was one of the major factors responsible for low insurance penetration in Nigeria.
“A person who cannot afford to eat or afford other basic necessities, can’t buy insurance,” Igbiti said.
According to him, though there have been an improvement in terms of numbers, but considering the nation’s population and demography, insurance penetration in Nigeria is still very low.
Speaking further on the theme of the retreat, Igbiti said “the crucial role the media plays in the economy and society at large cannot be over emphasised. Indeed, the media is a veritable authority for agenda setting, public education, sensitisation and awareness creation.
“Hence, the need to continually carry the media along with the various initiatives and developments in the industry for good coverage and projection.
“We are partners and we urge you all to use your reputable platforms to consistently announce the gospel of insurance and its benefits to the public so that we can attain the desired penetration rate in Nigeria.
“When the industry is booming from our efforts, it will also be a common joy and gain for us all. Hence, the onus is on all of us, everyone in this room and our networks beyond it to ensure that the insurance industry attains its pride of place in the economic ecosystem.”
The IICC was inaugurated in 2013, to among other objectives, act as the unifying voice of the insurance industry, representing it on national issues affecting the industry, to serve the best interest of the industry and provide lasting solutions to challenging issues within the insurance sector.
It was established to enhance the profile of the industry and boost its contribution to the nation’s economic growth.
The objectives of IICC he said include acting as an industry voice for national matters, a platform for intra industry conflict resolution, promotion of the industry’s image and growth agenda, among others.
The retreat according to him was organised annually by IICC to serve as a platform to engage and recognise the contributions and key roles the media had been playing as an instrument for awareness creation and education for insurance in Nigeria.
