CIIN seeks fellows’ support on insurance penetration, sustainability

The Chartered Insurance Institute of Nigeria (CIIN) has restated commitments to nurturing insurance penetration and sustaining the code of ethics for insurers, while soliciting more supports from the institute’s fellows.

Edwin Igbiti, president and chairman of the council of the institute, stated this while addressing fellows of the institute at the year 2024 CIIN fellows’ event in Lagos.

Addressing fellows as way-makers, who have paved the way for excellence in the field of insurance, Igbiti said, “As fellows of this esteemed Institute, we carry a responsibility not only to uphold the highest standards of professionalism but also to champion inclusivity and accessibility within the insurance sector.”

He further urged them to take the opportunity to reflect on the impactful work that has been done and to look ahead to the opportunities that lie before them as fellows of CIIN, acknowledging that their commitment to innovation, professional growth and ethical practice sets a standard within the industry that inspires other stakeholders.

Chairman of the Society of Fellows, past president Sunny Adeda, noted that fellows are not merely leaders in their field, rather, they are custodians in their profession.

“Hence, it is incumbent upon us (fellows) to ensure that the benefits of insurance are accessible to all, irrespective of socioeconomic status, geographical location, or any other barriers that may exist,” Adeda added.

On the reason behind the theme for the event, ‘Bridging the Gap: Ensuring Access and Inclusivity in Insurance – A Call to Action for Fellows,’ Adeda said, “In Nigeria, like many parts of the world, there remains a significant gap in insurance penetration and accessibility. Millions of our citizens are still underserved and unprotected, leaving them vulnerable to the devastating impact of unforeseen events and disasters.”

Adeda stressed the need for young professionals to attain the fellowship status of the institute, noting that the number of active fellows of the institute as of date is insignificant for such an institute.

Modupe Bammeke, the guest speaker of the event challenged fellows of the institute to bridge the gap.

He said, “The gaps must be known; they may include a lack of awareness and understanding of insurance products, affordability constraints, cultural perceptions and inadequate distribution channels. As fellows, we possess the knowledge, expertise and influence to dismantle these barriers and create pathways to greater inclusivity.”

Bammeke highlighted that fellows are learned professionals, custodians of ethical standards and practice, hence, their works and achievements are roadmaps for young practitioners.

Other discussants from arms of the industry aligned with the guest speaker’s position and the discussion session was moderated by ppast president (Sir) Ogala Osoka, while the discussants were, Mrs Muibat Jimoh, insurance industry; Babatunde Thomas, insurance broker; Christopher Owuamanam, loss adjuster.

Some participants said fellows should be involved in the technical decision making process for the industry and support the course for industry-governmental relationships so that the sector can gain more attention in the financial space.

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