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Chuks Udo Okonta
The Chartered Insurance Institute of Nigeria (CIIN) has reiterated its commitments to fostering insurance penetration and sustaining the code of ethics for insurers, whilst calling for more supports from fellows of the institute.
The President/Chairman of the Council of the Institute, Edwin Igbiti, noted this while addressing the Fellows of the Institute at the Year 2024 CIIN Fellows’ Event, yesterday in Lagos.
Igbiti addressed Fellows as way-makers, who have paved the way for excellence in the field of insurance.
“As Fellows of this esteemed Institute, we carry a responsibility not only to uphold the highest standards of professionalism but also to champion inclusivity and accessibility within the insurance sector,” he posited.
He further urged the Fellows to take this opportunity to reflect on the impactful work that has been done and to look ahead to the opportunities that lie before them as Fellows of CIIN. Acknowledging that their commitment to innovation, professional growth, and ethical practice sets a standard within the industry that inspires other stakeholders.
On his path, the Chairman of the Society of Fellows, Past President Sunny Adeda, noted that Fellows are not merely leaders in their field, rather, they are custodians in their Profession. Hence, it is incumbent upon us (Fellows) to ensure that the benefits of insurance are accessible to all, irrespective of socio-economic status, geographical location, or any other barriers that may exist.
Adeda while speaking to the reason behind the theme for the Year 2024 Edition of the Fellows’ Event; ‘Bridging the Gap: Ensuring Access and Inclusivity in Insurance – A Call to Action for Fellows.’ Stated that “In Nigeria, like many parts of the world, there remains a significant gap in insurance penetration and accessibility. Millions of our citizens are still underserved and unprotected, leaving them vulnerable to the devastating impact of unforeseen events and disasters.”
He emphasised the need for young professionals to attain the Fellowship status of the Institute, adding that the number of active Fellows of the Institute as of date is ridiculous for such an Institute.
The Guest speaker of the event, Modupe Bammeke, challenged Fellows of the Institute to bridge the gap.
“The gaps must be known, they may include a lack of awareness and understanding of insurance products, affordability constraints, cultural perceptions, and inadequate distribution channels. As Fellows, we possess the knowledge, expertise, and influence to dismantle these barriers and create pathways to greater inclusivity,” he said
He submitted that Fellows are learned professionals, custodians of ethical standards and practice, hence their works and achievements are roadmaps for young practitioners.
The event hosted other discussants from arms of the Industry who aligned with the thoughts of the guest speaker, the discussion session was moderated by Past President (Sir) Ogala Osoka, FCII, FIIN, MFR while the discussants were, Mrs. Muibat Jimoh, Insurance Industry, Babatunde Thomas, Insurance Broker, Christopher Owuamanam, Loss Adjuster.
Some of the participants who graced the event opined that Fellows should be involved in the technical decision making process for the Industry and also support the course for Industry-Governmental relationships so the Industry can gain more attention in the financial space.
