Insurers lend support to FG’s development initiatives

By Chiamaka Ajeamo                                   

Insurance operators in the country under the aegis of the Nigerian Insurers Association (NIA) have assured President Muhammadu Buhari that the sector would continually support the government’s developmental programmes.

The operators 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 (CIIN) and fellowship award in Abuja.

The insurers equally solicited increased patronage of compulsory insurance policies by the Ministries, Departments and Agencies (MDAs) of the government

Speaking at the event, the CIIN President/Chairman, Muftau Oyegunle, said: “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.”

“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”.

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 stated that the insurance industry under the regulatory coordination of the National Insurance Commission (NAICOM) and collaborative efforts of the NIA and Nigerian Council of Registered Insurance Brokers (NCRIB), supported the administration with N500 million 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 governments’ health frontline workers engaged in the fight against the pandemic, he added.

While noting that Buhari had introduced many poverty alleviation programmes that impacted Nigerians, he urged the president to include insurance in the formulation of the initiatives which would guarantee sustainability.

Thereafter, the team acknowledged and appreciated Buhari for his presence at the recently held African Insurance Organisation (AIO) conference in Nigeria. They also thanked the administration’s sustained support to the insurance industry in Nigeria.

Delegates from the sector, including NIA Director-General, Yetunde Ilori; its President, Ganiyu Musa; the NCRIB, and the regulator, the NIACOM, were present at the occasion.

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