CIIN tasks fellows on insurance penetration, sustainability
May 15, 2024335 views0 comments
Cynthia Ezekwe
The Chartered Insurance Institute of Nigeria (CIIN) has called for unflinching support from fellows of the institute to facilitate insurance penetration, champion inclusivity, and promote the sustainability of the insurance sector in Nigeria.
Edwin Igbiti, the president/chairman of CIIN, made the call while addressing fellows at the 2024 CIIN Fellows’ event, reiterating the institute’s commitment to fostering insurance penetration and sustaining the code of ethics for insurers.
“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 hold of the opportunities that lie before them, noting commitment to innovation, professional growth, and ethical practice sets a standard within the industry that inspires other stakeholders.
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On his part, Sunny Adeda, the chairman of the Society of Fellows implored the fellows of the institute 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 on the theme, “Bridging the Gap: Ensuring Access and Inclusivity in Insurance – A Call to Action for Fellows,’’ stated that there is a wide gap in insurance penetration and accessibility in Nigeria, stressing on the need or young professionals to attain the Fellowship status of the Institute
“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,’’ Adeda SAID.
Modupe Bammeke, the guest speaker of the event, explained that Fellows are learned professionals, custodians of ethical standards and practice, while urging them to bridge the insurance 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,” Bammeke noted.