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Insurance sector can be successful despite COVID-19 ― Oyegunle

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Insurance sector can be successful despite COVID-19 ― Oyegunle
Muftau Oyegunle

The new President of the Chartered Insurance Institute of Nigeria, CIIN, Mr Muftau Oyegunle has said that despite the ravaging effects of the COVID-19 pandemic, the insurance sector can achieve greater successes if professionalism and ethics are reinforced in reaction to the new order.

Oyegunle stated this on the occasion of his Investiture as the 50th President and Chairman of Council of the CIIN in Lagos last week.

While stating that he has come at a time the industry needs to change its strategies to the new normal, Oyegunle said; “Our reactions to these disruptions will determine our position today and in the future. These disruptions are here and it has come with new challenges that call for the reinforcement of our professional calling.

“Current development in the world calls for our collaborative efforts to reinforce professionalism. The Nigerian economy in general and the insurance industry is not immune from the vagaries of the social and economic disruptions caused by the pandemic. The resultant harsh business environment has become a threat which we must collectively confront for survival.”

According to him, the theme and focus of his tenure will be ‘Reinforcing Professionalism and Ethics in the new order,’ and the choice of the theme is borne out of the need to establish a rolling plan which will guarantee that even in the face of current global uncertainties, the Institute will continue to meet the needs of members.

He said: “Against this background, we are going to explore the potentials of this approach by focusing on a six-point agenda. Digital transformation of the Institute; reinforcement of the relevance of professionalism; re-energizing the Institute’s administrative structure; insurance awareness and youth mentorship initiatives; infrastructural development; as well as advocacy and collaboration with various associations in the private sector.”

Oyegunle stated that the current developments in the world at large and in Nigeria in particular call for collaboration to reposition the profession and the industry.

Vanguard

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