The Chairman, Insurance Industry Consultative Council (IICC), Mr. Edwin Igbiti, has foreseen greater penetration of the insurance sector despite economic headwinds.
Agbiti, also described insurance industry as one of the most resilient and fast expanding sectors in Nigeria.
The Chairman made the disclosure in his welcome address at the 2022 IICC Media Retreat with the theme “Media as Catalyst for Insurance Inclusion,”b for the members of the Nigerian Association of Insurance and Pension Editors (NAIPE) at the weekend in Ijebu Ode, Ogun State.
According to him, “You will agree with me that there has been growth in the industry despite the numerous economic recessions, the effects of the COVID-19 and the #ENDSARS protests which resulted into millions of claims. The insurance industry has stood as one of the most resilient and fast expanding sectors in the nation’s economy. “
While emphasizing the importance of the 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.
“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 and 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 it to ensure that the insurance industry attains its pride of place in the economic ecosystem.”
While 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 its 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.
Speaking about the IICC Media Retreat, he said the retreat is “organised annually by the IICC to serve as a platform to engage and recognize the contributions and the key roles the media has been playing as an instrument for awareness creation and education for 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.
“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 the insurance industry agenda.
“It is vital to state that the IICC was formed with the purposes targeted at enhancing the profile of the industry as well as boost its significance to the nation’s economic growth.”