Follow Us on Google
•Vows to explore untapped market potential
By Henry Uche
Worried by the hazardous nature of Nigerian environment in the prevailing economic retrogression, the Chartered Insurance Institute of Nigeria (CIIN) in partnership with Lagos Business School (LBS) and College of Insurance and Financial Management, to provide innovative solutions to vulnerable citizens often affected by disasters arising from climate risks.
The seminar which had in attendance, Chief Executives of Insurance firms, analysts and critical stakeholders in the insurance industry deliberated on the theme, ‘Climate and Disaster Risk Management: The Role of Nigerian Insurance Sector’.
Speaking at the event, CIIN President, Edwin Igbiti, said since it has been agreed globally that the insurance industry should facilitate a transition to a more sustainable and financially secure economies, CIIN with like -minded institutions would leave no stone unturned to ensure that this goal is achieved.
“The insurance industry has been long recognised as the one who ensures the survival of other industries by providing insurance solutions which build resilience for individuals, businesses, and the economy at large.
“There have been several global initiatives aimed at encouraging the provision of insurance solutions for disaster risk, however, the Nigerian insurance industry seem to lag behind in these laudable opportunities.
“The insurance industry as the society’s risk managers occupies a unique position in helping individuals, businesses, and communities transition to a greener economy and a country that takes cognisance of the environment, social and governance issues in all its activities”
Igbiti maintained that to achieve its objectives, the industry needs to lead by example and infuse sustainable principles in its internal operations while promoting green insurance policies that are eco-friendly and safe. CIIN president who avowed that the Institute would sustain the seminar and would continue to impact the industry positively, urged insurance practitioners to effectively begin to manifest as solution providers to the numerous disaster that has been affecting the country in recent times.
“It is quite commendable that the College has brought this issue to the fore, it is my belief that we shall forthwith, begin to impact our country and provide disaster risk management solutions that would add value to our citizens, businesses and the economy at large.
“There is a large untapped market in disaster risk management and financing that would help deepen insurance penetration in Nigeria and it is time to access these untapped markets for the development of sector,” he implored.
