The Edo State Government has called for the support and collaboration of the insurance industry experts to help deepen the insurance adoption rate in the state.
The State Government made this call through its Commissioner of Finance, Mr. Joseph Eboigbe, who represented the Governor, Mr. Godwin Obaseki at the 2022 Insurance Industry Consultative Council (IICC) Compulsory Insurance Training held in Benin City, Edo State recently.
Speaking at the event, Mr. Joseph Eboigbe stated that the Governor in the last six years has implemented quite a number of initiatives, insurance inclusive that are opening up Edo State economy however, professional collaborations are needed to solidify the efforts.
“It is quite auspicious that we are having this event at this point in time. We have several projects in process. One of the things that we required to complement our efforts is high quality professional advice. That is why I am happy that this event is taking place today because we need insurance skills. With high quality skills we can then get quality service and counsel to execute our plans.
“Concerning the recent flooding, even though Edo State did not really suffer much but we do have certain parts of our states that do suffer flooding annually when it rains heavily.
Mr. Eboigbe emphasized the nee
“We need insurance experts in Edo state that have the requisite knowledge, skills and experience that can advise us properly on insurance matters so that annually we will not keep reacting to disasters.
“In the area of economic expansion, we also need insurance professionals to work with us. As you have rightly stated Mr. Chairman, we have commenced health insurance scheme but the penetration is still very low. If it is by way of advocacy, we need your support as you have a wider reach.”
He further added that, the government is seeking to concession the General Hospital, Auchito private individuals/sector for the purpose of providing quality health services to citizens.
“In the process of deliberating on this, we have realized the importance of health insurance and the need to deepen it. So, Again, we will be very happy to get support and collaborate with the insurance experts in the state so that we can think out how best to fast track this initiative and get insurance services provided to the sector as well as other sectors such as Agriculture”, he stated.
Delivering his welcome address earlier, the Chairman, IICC, Mr. Edwin Igbiti, said the IICC Compulsory Insurance Training was organised to educate the government, MDAs and the private sector on the mandatory insurance policies and the benefits therein so easy adoption.
“Insurance stimulates business activities to operate in a cost-effective manner, by managing risks associated with business operations. The insurance sector safeguards the assets of its policyholders by transferring risks from an individual or business to an insurance company.
“A major risk that is bedevilling the country among others is the flooding menace. The current flooding has caused major havocs and death of lives. The IICC seize this opportunity to sympathize with all the victims across the country and believe that insurance companies will play their expected roles in ameliorating the effect of the losses and damages done promptly.
“I must commend the laudable efforts of the Edo State Governor, His Excellency Mr. Godwin Obaseki, in the State and for his support over the years, there is no gain-saying that Edo state contribution to the insurance sector is overwhelming, the State insured 400,000 residents in 2021, the Edo Health Insurance Scheme is a worthy project of His Excellency. I believe that this relationship will continue for many years to come, thank you for the hospitality you and your people have shown us throughout the years, the insurance industry appreciates you.
“Your Excellency, your visionary leadership has been the element for the wave of industrialisation currently being experienced in Edo State. The infrastructural growth recorded in Edo State since your assumption into office has contributed in no small measure to the growth of the State economy. We urge you not to rest on your oars rather continue with the good works. We are hopeful that you will continue to fashion an enabling environment for the insurance business to prosper.”
The IICC was inaugurated in 2013 to act as the unifying voice of the insurance industry, representing it on national issues affecting the insurance industry, taking up and assuming other roles that would serve the best interest of the industry in Nigeria and providing lasting solutions to challenging issues within the insurance sector.