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Chuks Udo Okonta
The Chartered Insurance Institute of Nigeria (CIIN) is working to ensure insurers
provide innovative insurance solutions to vulnerable citizens often affected by disasters from climate risks.
The President of CIIN, Edwin Igbiti, said this at the 2023 edition of CIIN/LBS Seminar themed; ‘Climate and
Disaster Risk Management: The Role of Nigerian Insurance Industry/Sector, held yesterday in Lagos.
He noted that without any doubt, the theme is apt and would enlighten insurance practitioners about the need to provide innovative insurance solutions to the vulnerable citizens often affected by disasters because of climate risks.
He said the insurance industry has been long recognised as the one who ensures the survival of other industries by providing insurance solutions which build resilience for individuals, businesses, and the economy at large.
“There have been several global initiatives aimed at encouraging the provision of insurance solutions for disaster risk however, the Nigerian insurance industry seem to lag behind in these laudable opportunities.
“The insurance industry as the society’s risk managers also occupies a unique position in
helping individuals, businesses, and communities transition to a greener economy and a country that takes cognisance of the environment, social and governance issues in all its activities,” he said.
He submitted that it has been agreed globally that the insurance industry should facilitate the transition to a more sustainable and financially secure economy.
He said to achieve these objectives, the industry needs to lead by example and infuse sustainable principles in its internal operations while promoting green insurance policies which are eco-friendly and safe.
“We need to also beg into effectively manifest asy solution providers to the numerous disaster that has been affecting our country in recent times.
“It is quite commendable that the College has brought this issue to the fore with this seminar, and it is my belief that after this event, we would all go back to our respective office ready to impact our country and provide disaster risk management solutions that would add value to our citizens, businesses and the economy at large,” he said.
He said the the Institute is proud that the seminar is sustained and it continues to impact on the industry positively.
He appreciated the Lagos Business School for ensuring that the programme provides cutting edge training of global standards with an array of subject experts.
“There is a large untapped market in disaster risk management and financing that would help deepen insurance penetration in Nigeria and it is time to access these untapped markets for the development of sector,” he said.
