WELCOME ADDRESS BY MR. EDWIN IGBITI PRESIDENT/CHAIRMAN OF COUNCIL, CHARTERED INSURANCE INSTITUTE OF NIGERIA AT THE OFFICIAL OPENING OF THE 2022 INSURANCE PROFESSIONALS’ FORUM HELD ON SEPTEMBER 15, 2022 AT PARK INN RADISSION, ABEOKUTA, OGUN STATE
Your Excellency, Executive Governor of Ogun State, Prince (Dr.) Dapo Abiodun MFR
The Alake of Egbaland, His Royal Majesty, Oba Adedotun Aremu Gbadebo III
The Commissioner for Insurance, Mr. O. S Thomas
Past Commissioners of Insurance
Past Presidents and other Council members of CIIN
Chairman and Members, Organising Committee of the 2022 Insurance Professionals’ Forum
Distinguished Professional Colleagues
Gentlemen of the Press
Distinguished Guests, Ladies and Gentlemen.
I am deeply honoured to welcome distinguished professionals, captains and thought leaders of our noble profession to the 2022 Professionals’ Forum taking place here in Abeokuta. Permit me to seize this opportunity to appreciate you all for your support during my investiture ceremony as the 51st President of the Chartered Insurance Institute of Nigeria.
I was deeply humbled by the immense turn out and success of the ceremony and I say a Big Thank You. I also appreciate the support you have all continued to extend to my administration so far.
I want to specially appreciate His Excellency, the Governor of Ogun State, Prince (Dr.) Dapo Abiodun, MFR, an advocate of growth and industrialization whose developmental initiatives have strategically positioned Ogun state on an upward trajectory. Ogun State has annually welcomed the Institute and the Professionals’ forum participants as well as provided us with a conducive environment to carry out our programmes. Your Excellency, on behalf of our great Institute and professional colleagues, I thank you for your unflinching support and hope that we will continue to collaborate towards promoting the growth of the Nigerian Insurance industry.
As an Institute established with the principles of ethics and professionalism, it is the norm that we regard traditions and pay homage to his Royal Majesty, Oba Adedotun Aremu Gbadebo III, the Alake of Egbaland who has continually supported the Forum over the years. May your continued reign bring peace and prosperity among your people sir.
I specially recognise the number one citizen of the insurance industry; the Honourable Commissioner for Insurance, Mr. O. S Thomas. I appreciate him and the National Insurance Commission (NAICOM) for the solid initiatives and developments shaping and expanding the frontiers of the Nigerian insurance industry and I also laud the continued support to the growth of CIIN. My appreciation is also extended to the Past Commissioners for Insurance for their massive support towards this forum. Your contributions have immensely fueled the growth of professionals’ forum over the years.
This year’s theme “Power of the Past – A Force for the Future of Insurance in Nigeria” is indeed very relevant and strategic considering the times we are in. It brings to the table the opportunity for elaborate discussions, focusing on the insurance industry of the past while chatting the way forward for the future in a world that has been drastically disrupted.
The insurance industry over the years and most especially; in the last two years has operated in a VUCA environment, that is, it has been volatile, uncertain, complex, and increasingly ambiguous. This has caused significant paradigm shifts in the way business is conducted. Certainly, the consequences of the Covid-19 pandemic and the #ENDSARS protest will not be forgotten so soon by the industry due to the number of claims paid.
It is no longer business as usual for the industry as technological innovations, demanding customers, new competitors, and constantly evolving trends are driving the changes for the future. No matter what technological advancement we adopt, if it does not translate to value for the customer, most of our efforts are in vain. Hence, there is a need to offer holistic value propositions, one centered on the aspirations that really matter to consumers, including well-being, safety and reaching personal goals.
At this forum, we will be looking at how the elements of the past and change can influence insurance market needs, financial inclusion, and the strategic role insurance plays in developing the economy. Our spotlight will also emphasise insurance penetration in Nigeria and the real issues that are hampering its growth as well as measures that can be taken to improve the numbers. We will equally be listening to our regulator, NAICOM, and their perspectives on the industry’s growth potentials as well as other facilitators.
We assure you the engagement and interactions of all stakeholders here present will be enlightening.
Distinguished Guests, Ladies and Gentlemen, your active participation in all the sessions of this forum remains the only way to guarantee that the efforts of the organizing committee in putting together a well packaged platform for knowledge sharing is not in vain.
I humbly recognise and appreciate our facilitators who have been assembled to do justice to all the topics to be discussed at this forum. Your reputation as fountains of knowledge guarantees that there will be thoroughly enlightening sessions for everyone present and ultimately it will be an extraordinary experience for everyone involved.
It is key that I draw our attention to the socio-economic situation in our dear country, Nigeria. The need to curb the menace of insecurity and other crimes require that we collaborate with all tiers of government with the aim of re-emphasising the essence of insurance as the infrastructural pillar for the growth and development of the Country.
As I conclude my speech, I would like to restate that the recent developments in the world generally and in Nigeria particularly, demands strong partnership to move the profession and the industry forward and this can only be successfully executed collectively. The Institute has many programmes in place aimed at creating insurance awareness and training members to be world class insurance professionals, but I cannot achieve the success on my own. Hence, I want to seize this opportunity to appeal for targeted collaboration to help drive the Institute to lofty heights.
The Institute is charting a course aimed at ensuring it remains ahead of the curve in the digital era to remain a key contributor to the growth of the insurance industry. Hence, it is vital to remind you that the theme of my Presidency remains “Building a Sustainable Legacy”, borne out of the need for continuity to sustain and build on the works of Past Presidents of the Institute as well as guarantee that despite current global uncertainties, the Institute will continue to meet the needs and aspirations of its members.
Distinguished Guests, Ladies and Gentlemen, I welcome you all once again to the 2022 Insurance Professionals’ forum and wish you all, a memorable experience.
Thank you for gracing this auspicious occasion.
Mr. Edwin Igbiti, ACII, FIIN
President/Chairman of Council
Chartered Insurance Institute of Nigeria (CIIN).