The Insurance Industry Consultative Council (IICC), has sympathized with victims of recent devastating flood across the country and assured that the industry is prepared to ensure prompt payment of legitimate claims.
Edwin Agbiti, Chairman of the Council, who stated this in Edo State at the 2022 training for compulsory insurances, described insurance as a global entity with numerous values and benefits to the existence of mankind.
Agbiti, said that through its benefits, it offers income, life and property protection to the insured and their needs, as well as income accumulation that can be used at retirement to help preserve the desired lifestyle of anyone.
According to him, Insurance stimulates business activities to operate in a cost-effective manner, by managing risks associated with business operations and that the insurance sector safeguards the assets of its policyholders by transferring risks from an individual or business to an insurance company.
The Chairman observed that a major risk that is bedeviling the country among others is the flooding menace which has caused major havocs and death of lives.
He used the occasion to sympathize with all the victims across the country and expressed the believe that insurance companies will play their expected roles in ameliorating the effect of the losses and damages done promptly.
He said insurance companies are currently working toward processing huge claims from recent floods that ravaged some states.
He therefore used the forum to resonate the benefits of insurance to Nigerians, saying, “It is for times like these that we embrace insurance so as to have adequate compensation of losses incurred.”
Speaking on the training, he said the whole idea was to educate the industry on the mandatory insurance policies, the benefits therein so that they can embrace them. He said experts on Insurance have been carefully selected to enlighten trainees on insurance and their discussion cuts across the following sub-themes: including, Introduction to Principle of Insurance, Liability/Compulsory Insurance, Assessment and Rating of Compulsory Insurances as well as Insurance Claims Administration.
He commended the laudable efforts of the Edo State Governor, Mr. Godwin Obaseki, in the State and for his support over the years.
He said there is no gain-saying that Edo state contribution to the insurance sector is overwhelming as the State insured 400,000 residents in 2021, and that the Edo Health Insurance Scheme is a worthy project of the Governor.
“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.”
Agbiti, said that the visionary leadership of the Governor 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. ” stated the Chairman.
He equally appreciated the Royal Father of the Day, His Royal Majesty, the Ewuare II, Oba of Benin, for honouring the Council, and the Commissioner of Insurance, Mr. O.S Thomas for his consistent efforts in ensuring that the insurance industry expands via various initiatives like these.
The IICC has the following as member bodies: the National Insurance Commission (NAICOM), Chartered Insurance Institute of Nigeria (CIIN), Nigerian Insurers Association (NIA), Nigerian Council of Registered Insurance Brokers (NCRIB) and Institute of Loss Adjusters of Nigeria (ILAN).
Oriental News Nigeria, reports that 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.
The training is an annual event and the Corporate Social Responsibility of the IICC where government and other stakeholders gather to learn and share ideas for successful implementation of compulsory insurance of lives and properties in their respective States and Ministries.
Agbiti, assured that the IICC will continue to leverage on all platforms to ensure the propagation of insurance education, advocacy and awareness creation until all Nigerians and government at all levels embrace it