By Rosemary Iwunze
The Nigerian Insurers Association has assured the Nigerian President, Muhammadu Buhari, that the sector will continue to support the government’s developmental initiatives.
The chieftains of the industry gave this assurance when they visited the president and conferred on him the grand patron of the Chartered Insurance Institute of Nigeria and fellow ship award in Abuja.
Delegates from the insurance sector including the Director-General, Nigerian Insurers Association, Mrs Yetunde Ilori; the President, NIA, Mr Ganiyu Musa; the Nigerian Council of Registered Insurance Brokers, and the regulator, the National Insurance Commission, were present at the occasion.
While speaking during the event, the President/Chairman, CIIN, Muftau Oyegunle, said, “Your excellency sir, in recognition of the laudable initiatives and programmes of your administration, it is our great privilege and with much delight that we confer on you, the highest honour of the institute.
“We also want to assure you that the institute and indeed the Nigerian insurance industry would continue to support your administration.
“We once again appreciate your excellency for the rare privilege of having us on this courtesy visit and your acceptance of the conferment of the grand patron and fellowship awards by the institute.”
The team acknowledged and appreciated Buhari for his presence at the recently held African Insurance Organisation conference in Nigeria.
They thanked the administration’s sustained support to the insurance industry in Nigeria.
“We seek more of such support in the area of increase patronage by Ministries, Departments and Agencies of the Government through adequate insurances of government properties and also in the area of speedy passage into law, of the Consolidated Insurance Bill 2020, which has just been laid on the floor of the House,” he said.
Oyegunle stated that the CIIN collaborates with the other arms of the industry to ensure a high standard of ethical behaviour, promote awareness of insurance as a service offering, as a career while also engendering understanding and cooperation among all stakeholders in the industry.
While assuring the President of the sector’s support, he recalled that the insurance industry under the regulatory coordination of the National Insurance Commission and collaborative efforts of the Nigerian Insurers Association and Nigerian Council of Registered Insurance Brokers, supported the administration with N500m at the onset of the COVID-19 pandemic.
The insurance industry also provided the much-needed insurance cover for 5,000 Federal Government (and some State Government) health frontline workers engaged in the fight against the pandemic, he added.
While mentioning that Buhari had introduced many poverty alleviation programmes which have impacted Nigerians, he urged the president to include insurance in the formulation of the initiatives which would guarantee sustainability.