REMARKS BY MOHAMMED KARI, COMMISSIONER FOR INSURANCE AND CHIEF EXECUTIVE OFFICER, NATIONAL INSURANCE COMMISSION (NAICOM) AT THE INVESTITURE OF MRS. FUNMI BABINGTON ASHAYE

REMARKS BY MOHAMMED KARI, COMMISSIONER FOR INSURANCE AND CHIEF EXECUTIVE OFFICER, NATIONAL INSURANCE COMMISSION (NAICOM) AT THE INVESTITURE OF MRS. FUNMI BABINGTON ASHAYE AS THE 48th PRESIDENT OF THE CHARTERED INSURANCE INSTITUTE OF NIGERIA IN LAGOS ON TUESDAY, JULY 25, 2017

Protocol:

It is my pleasure to be here this evening to witness the investiture of Mrs. Funmi Babington – Ashaye as the 48th President of the Chartered Insurance Institute of Nigeria (CIIN). I congratulate you for attaining this height which is yet another addition to your already enviable profile as an insurance professional.

Let me also applaud the outgoing President and Chairman of Council Lady Isioma Chukwuma and members of the Governing Council of the Institute for their steadfast commitment towards the promotion of Insurance education these past years.

When I scanned through the records of the Institute to know who has been what or where, I realised that this is actually the first time in the history of the Institute that a female is succeeding another female as president. I doff my hat for you and want to use this opportunity to congratulate every woman that is holding Chief Executive and Senior Managerial positions in the insurance industry for what they have been able to achieve for themselves. I hope the men will not feel threatened but rather, appreciate the immense contributions of these women to the growth and development of insurance in the country.

Over the years, the Chartered Insurance Institute of Nigeria (CIIN) has achieved a number of milestones in various aspects including but not limited to:

1. Attracting more people into its fold as members

2. Increase in visibility of the Institute and its activities

3. Developments of academic activities at the college of insurance

4. Enhanced pursuit of relevance in educational institutions

5. Establishment and sustenance of the Insurance Industry Consultative Council, IICC

6. Other activities of the Institute that have continued to foster bonding in the industry

The Commission took note of the number of qualified professionals which am told have risen to 3316. However, I think it is imperative for us to ask how many of these CIIN certified and qualified members have exhibited and sustained the spirit of the profession. How many of us conduct our business in line with the ethics, standards and principles that guide the practice of an insurance professional. These are some concerns I felt I we should try to address especially as we usher in a new era and leadership in the Institute.

The current developments in the country obviously call for our collaborative effort to reposition the profession and rebrand the Institute. With the benefit of hindsight, it is apparent that no arm of the industry can do it standing alone. The achievements of the CIIN over the years could not have been possible without the active support and participation of all arms of the industry. I want to implore every segment of the sector to continue to work together and grow the industry for the benefit of all.

There is obvious need for a reawakening to ensure our trained professionals are continually retrained and equipped with prevailing skills and knowledge for optimal performance in line with international best practice. The Commission would continue to support the institute to ensure that Insurance professionals are regularly updated to enable them align with current global trends.

Suffice it to say that it is high time that the CIIN as a professional body reinvented itself, updated its curriculum to either adopt or adapt contemporary best practices for the overall benefit of the profession. I will implore our brand new president to treat these issues as priority in her agenda. These steps when taken will certainly engender respect and credibility for the Institute and the insurance industry.

As we all bear witness to this change in the mantle of leadership of the Institute, it is expected that the new president will consolidate and build on the achievements of her predecessors to lift the Institute and the profession to another level from where it is currently. I believe that given the choice of Funmi as the 48th CIIN President, the Institute is in very competent and capable hands.

Indeed, the new president is a woman of immense value and intellectual prowess with strong willingness to contribute her quota to the development of the insurance sector especially in the area of insurance education and awareness. We are confident that she will bring her experience spanning over 20 years as an insurer, broker and administrator to bear in her leadership of the Institute.

It is often said that whatever a man can do, a woman could do better. Perhaps, in this case I guess the phrase should be whatever a woman has done, another woman could actually do much more.

In conclusion, I applaud the achievements of Lady Chukwuma who has given her best and now to be named among the league of past presidents and enjoin you all to give maximum support to Mrs. Funmi Babington Ashaye as the new president of our Institute.

I wish our president a very successful tenure.

Thank you

Mohammed Kari
Commissioner for Insurance/CEO

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