The insurance industry’s swift response to the the settlement of claims that arose from the Endsars crisis which I am told is over N9billion cannot go without mention on occasion like this.
MINISTER OF FINANCE, BUDGET AND NATIONAL PLANNING MRS (DR) ZAINAB SHAMSUNA AHMED DISCLOSED THIS AS SPECIAL GUEST OF HONOUR, AT THE INVESTITURE OF BARRISTER OLUWAROTIMI EDU, AS THE 21ST PRESIDENT/CHAIRMAN OF THE GOVERNING COUNCIL OF THE NIGERIAN COUNCIL OF REGISTERED INSURANCE BROKERS (NCRIB)HELD AT LAGOS MARRIOT HOTEL, IKEJA – LAGOS ON THURSDAY
Mrs Ahmed said the insurance industry has done well but can do more.I want to congratulate you Madam on your achievements and I believe this is just a stepping stone to what the industry should expect from your successor. We express our gratitude for your selfless service and wish you well in all your future endeavours.
She commended the outgoing President of the NCRIB, Dr. (Mrs) Bola Onigbogi for an excellent performance of the Insurance Broking fraternity during her tenure not withstanding the challenges brought about by the emergence of Covid 19. Your effort no doubt assisted in mobilising the insurance industry’s support to the Federal Government in its fight against the Covid 19 pandemic, she added
Minister said the man of the moment, Barrister Rotimi Edu, as the 21st President and Chairman in Council of the NCRIB with new leadership position, it will be expected that you and your council and indeed the entire Insurance Broking family will key into the various initiatives of the Federal government especially those relating to poverty alleviation.
“The Insurance sector in its more than 60 years history has never before this time enjoyed the closeness, romance and positive relationship with the Federal Government as we have presently under the administration of His Excellency President Muhammadu Buhari, GCFR.
“While insurance industry is celebrating these recent developments of support by the Federal Government, it will be a good opportunity for the insurance sector to impress in the heart of the general public and businesses the value of insurance as a financial instrument for protection and sustainability.
“The leadership of all arms of the insurance sector must see this opportunity as a challenge to boost the image of the sector and move positively closer with a view to increase its visibility through efficient service delivery.
“The harmonious working relationship between the NCRIB and other stakeholders is commendable and we expect that this is sustained and improved upon.
Minister said the issue of professionalism and business ethics must be taken seriously among members of the insurance broking fraternity and indeed the entire insurance industry.
Mrs Ahmed reiterated that the incoming President and Chairman in Council of the NCRIB Mr Rotimi Edu’s deep knowledge about the industry, versatility and pedigree and recently a graduate of National Institute for Policy and Strategic Studies (NIPSS) which earned him Membership of the Institute (mni) certificate gives me the confidence that the Council under his leadership will be a formidable partner to Regulator, the National Insurance Commission and the government in the implementation of its various policies and initiatives.
“The Federal Government is not unaware of the challenges confronting businesses including the insurance sector and it is doing so much through various initiatives and policy rearrangements to ensure stability in the system.
She noted that the world has moved many places ahead of Africa in so many fronts in insurance practice and governance.
“The insurance sector is a knowledge based industry which must take issue of training of its members seriously in order to update itself with current realities across the globe.
“By training and retraining we can adequately equip practitioners with modern techniques and practice from the traditional ways of doing business to more robust, all inclusive and diversified channels of reaching our huge potential clients.
She encouraged members of the NCRIB to be open to initiatives including the adoption of relevant technologies aimed at making the insurance market robust and all inclusive especially at a time that the Commission’s cardinal objective is centered on deepening penetration and developing the market.
“It is worthy to say that extreme times like this require extreme measures to reach out to the nooks and crannies of the country. Partnerships and collaborations must be sustained with other stakeholders we perceive as progress partners in consumption, supply or distribution of insurance products in the country.
Minister said the market is indeed in a dare need of serious partnership, collaboration and synergy if truly the industry want to make the required impact. According to her, the efforts been made so far by the Commission require the industry players to actively get involved.
“My observation has revealed that there is huge market for insurance in every State of the Federation but lack of or inadequate presence of insurers and intermediaries may have hindered uptake of insurance in those places.
“I want to challenge the intermediaries that there is huge untapped market in the retail business and I urge your members to learn new ways to reach out and explore this area of huge potential for inclusiveness
.In conclusion, she reaffirmed the commitment and support of the administration of His Excellency President Muhammadu Buhari, GCFR to the development of the insurance industry and make it a veritable instrument for national growth and development.
“The contribution of the insurance sector to the nations GDP must become significant for recognition.