Igbiti affirms insurance industry most resilient sector in Nigeria

The Chairman of Insurance Industry Consultative Council (IICC), Edwin Igbiti, has acknowledged that insurance industry is one of the most resilient, fast expanding sectors in Nigeria.

In his welcome address at the 2022 IICC media retreat with the theme “Media as Catalyst for Insurance Inclusion” organized for members of the Nigerian Association of Insurance and Pension Editors (NAIPE) at the weekend in Ijebu Ode, Ogun State said “You will agree with me that there has been growth in the industry despite numerous economic challenges such as recession, effects of COVID-19 and #ENDSARS protests which resulted to millions of Naira claims which the industry settled.

L-R: Mr. Davis Iyasere, Assistant Director, Corporate Communications & Human Resources/Administration, Nigerian Insurers Association (NIA); Mrs Abimbola Tiamiyu, Director-General, Chartered Insurance Institute of Nigeria (CIIN); Mr. Dipo Olanrewaju, President, Institute of Loss Adjusters of Nigeria (ILAN); Mr Tunde Oguntade, Deputy President, Nigerian Council of Registered Insurance Brokers (NCRIB); Mr. Edwin Igbiti, Chairman, Insurance Industry Consultative Council (IICC); Dr (Mrs) Olufunke Oyeneye, Head of Pharmacy, Oba Ademola Hospital, Abeokuta; Mrs Yetunde Ilori, Director Genera, NIA and Tope Adaramola, Executive Secretary/CEO, NCRIB, at the 2022 IICC Media Retreat held at Ijebu Ode, Ogun State.
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According to him, the insurance industry has stood as one of the most resilient and fast expanding sectors in the nation’s economy.

Emphasizing the importance of IICC collaboration with members of NAIPE and the rationale behind the IICC media retreat, Igbiti said, “The crucial position the media plays in the economy and society at large cannot be over emphasized. Indeed, the media poses as a veritable authority for agenda setting, public education, sensitization and awareness creation.

“It is in the light of the above, that the theme for this retreat “Media as Catalyst for Insurance Inclusion”, comes to limelight. The media is a powerful catalyst for social change and equally an effective tool for insurance inclusion that the industry desires. Hence, the need to continually carry the media along with the various initiatives and developments in the industry for good coverage and projection.

“Besides, as the industry witness expansion, we equally need you the media to keep promoting these achievements for the good of the common goal of the industry.

“We are partners in progress, 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 to ensure that the insurance industry attains its pride of place in the economic ecosystem.”

Commending NAIPE members for their support, the IICC Chairman, who is also the President/Chairman in Council, Chartered Insurance Institute of Nigeria (CIIN) said “I like to use this opportunity to express our profound appreciation to the media for your inestimable support over the years especially, you the insurance industry Journalists who have constantly employed your expertise and in-depth knowledge about the industry to objectively report the trends and opportunities as well as enlighten the public about the values of insurance.

Therefore, he said, the retreat is organised annually by IICC to serve as a platform to engage and acknowledge the contributions and the key roles the media has been playing as an instrument for awareness creation and education of the public about the benefits of insurance in Nigeria.

It is also a great opportunity to feel the pulse of the public through the lens of the media. It is against this backdrop that the IICC ensures its commitment to this annual gathering remains an ever-present feature in the calendar of the industry, he said.

According to him, “this forum also serves the objective of further unifying all arms of the insurance industry who have come together under one umbrella, the IICC, to ensure unity and single-mindedness in promoting insurance industry agenda.

Equally, he said “it is vital to state that the IICC was formed with the purpose of enhancing the profile of the industry as well as boost its significance to the nation’s economic growth.”


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