Insurance

There are indications that the Nigerian National Assembly has renewed its interest in the Nigerian insurance industry, with intention that the sector would play important role in contributing to the nation’s economic development.

The President, Chartered Insurance Institute of Nigeria (CIIN) Dr Wole Adetimehin, has enjoined his professional colleagues in the Nigerian Insurance Industry to make use of the platform provided by the annual professional forum to rub mind on issues affecting their practice, business and the industry as a whole.

CIIN, in its usual practice, has continued to provide the platform for an annual professionals’ forum engendering the body’s contribution to the upliftment of service delivery, skills sharpening and the acquisition of fresh insight by the professionals in global best practices and international standards.

Adetimehin said that professionals should be better equipped in order to exhibit competencies which are over and above mere professional qualifications. “The need has arisen for professionals to be further equipped both as risk managers and change agents through effective control of their business and positive transformation of the organisations under their trust.”

However, the president noted in a statement that observers believed that the insurance professionals in Nigeria could do better in terms of attendance at their annual professionals’ forum, considering the fact that the gathering has immense benefits for continuous professional development.

“The data available to us shows that there are over 3,000 registered fellows and associates who comprise the core professionals and technocrats driving insurance business in Nigeria. Of these, only an average of 400 had attended the professionals’ forum since its commencement in 1991," he observed.

The Institute, by virtue of its statutory powers vide Decree 22 (now Act) of 1993, is charged with the responsibility of determining the standard of skill and knowledge required by insurance professionals for the effective and efficient discharge of their services as risk managers.

The 2012 insurance professionals’ forum, according to the public image maker of the institute is scheduled to hold in Ibadan, Oyo State, which would focus on the theme “Beyond Professionalism: Making a Difference”.

Adetimehin, considers the theme to be a clarion call on professionals in insurance and the larger financial services sector to brace up for emerging challenges facing the global economy.

Meanwhile, the Director General of CIIN, Mr Adegboyega Adepegba has said that it is becoming increasingly necessary for all insurance professionals to attend the forum, stating that it is the only way they can key into the institute’s professional development agenda.

The CIIN DG regretted that attendance at the annual fora has been below expectation, especially in an era when other professions are maximizing such opportunities without compulsion.

“I make bold to say that apathy to professional education cannot correct the palpable skills imbalance in an industry that is in dire need of greater expertise in the effective underwriting of many special risks including the emerging risks occasioned by security threats across the nation”, Adepegba stated.

The DG further decried the segmentation of the profession by some practitioners for selfish interests, stating that all must first see themselves as insurance professionals before classifying themselves as underwriters, reinsurers, brokers and loss adjusters.

He further stated that it would be a new beginning for the Institute if all insurance professionals in mainstream insurance practice and those engaged as risk managers in government parastatals such as NNPC, NLNG as well as Oil companies, manufacturing companies and banks, attend the 2012 Professionals’ Forum at the Premier Hotel, Ibadan.

“We want to see a new beginning for us if all the professionals are able to storm the forum”, the DG asserted.

The inclement operating environment notwithstanding, CrystaLife Assurance Plc has recorded a Gross Premium of N2.6 billion for the year ended 31 December, 2011, representing 24 per cent growth from N2.1billion recorded in 2010.

Despite the harsh business environment that has resulted to low patronage of insurance products, AIICO Insurance Plc has achieved a Gross Premium Income (GPI) of N9.79 billion during the first six months of year 2012 as against N8.1 billion recorded during the same period in 2011.