THE Chartered Insurance Institute of Nigeria (CIIN) said it is working to ensure insurers provide innovative insurance solutions to vulnerable citizens often affected by disasters from climate risks.
This was disclosed by the president of CIIN, Edwin Igbiti, at the 2023 edition of the CIIN/LBS Seminar with the theme: ‘Climate and Disaster Risk Management: The Role of Nigerian Insurance Industry/Sector”.
Igbiti noted that the theme of the event was apt and would enlighten insurance practitioners about the need to provide innovative insurance solutions to the vulnerable citizens often affected by disasters because of climate risks.
According to him, the insurance industry has been long recognised as the one that ensures the survival of other industries by providing insurance solutions that build resilience for individuals, businesses, and the economy at large.
He said, “There have been several global initiatives aimed at encouraging the provision of insurance solutions for disaster risk however, the Nigerian insurance industry seems to lag behind in these laudable opportunities.
“The insurance industry as the society’s risk managers also occupy a unique position in helping individuals, businesses, and communities transition to a greener economy and a country that takes cognisance of the environment, social and governance issues in all its activities”.
He affirmed that it has been agreed globally that the insurance industry should facilitate the transition to a more sustainable and financially secure economy, adding that to achieve these objectives, the industry needs to lead by example and infuse sustainable principles in its internal operations while promoting green insurance policies which are eco-friendly and safe.
Igbiti said, “We need to also tap into effectively manifest easy solution providers to the numerous disasters that have been affecting our country in recent times.
“It is quite commendable that the College has brought this issue to the fore with this seminar, and it is my belief that after this event, we would all go back to our respective offices ready to impact our country and provide disaster risk management solutions that would add value to our citizens, businesses and the economy at large”.
He commended the Institute for sustaining the seminar and expressed the hope that it will continue to impact the industry positively.
He lauded the Lagos Business School for ensuring that the programme provides cutting-edge training of global standards with an array of subject experts.
He pointed out that “There is a large untapped market in disaster risk management and financing that would help deepen insurance penetration in Nigeria and it is time to access these untapped markets for the development of sector”.
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