CIIN President tell govt to see insurance as tool for sustainable economic growth

The President/Chairman of Council, Chartered Insurance Institute of Nigeria (CIIN), Sir Muftau Oyegunle, has advised Federal and State governments to integrate insurance services as a tool for sustainable economic growth in Nigeria.

He said that in the advanced economies, insurance is the gatekeeper for meaningful drive in the economy and it is a mistake for governments at all levels to ignore the benefits of insurance services in the economic and social development of the country.

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He said “The Covid 19 and consequent down turn of the economy has increased the level of poverty in our country and the message to Governments at various levels is that for sustainability, insurance must be built into most of the support governments are offering e.g. Government can make health Insurance compulsory by subsidizing the premium. This has been done successfully in other countries.

It may interest you to know that common malaria kills more people in Nigeria than Covid. The recent Collapse of 21-storey 360 degrees apartment at Gerald Road, Ikoyi on November 1, 2021 where 45 deaths so far have been recorded with many wounded without any Insurance Cover exposed the level of decadence in our society.

It simply revealed the level of culture of settlement in our country. At this juncture, I would like to extend my heartfelt appreciation to all the speakers who have agreed to share from their wealth of experience with us physically today.

They have earned the right in each and every way in their respective vocations to share insight on the topics they have been embarked to do justice to today. I am very sure we will learn a lot from their expertise.

Let me end by stating that the insurance industry and insurance correspondents are hand in glove elements that should drive economic growth. When the insurance industry is thriving as it should, it fills one with a sense of pride.

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. We hope that now and in the future; we will retain your support.

I thank you for honouring our invitation to this retreat and advise that you take maximum advantage of the knowledge that would be shared at this event for the advancement of your profession as modern-day information managers.
Thank you for your attention.


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