Follow Us on Google
By Henry Uche
The insurance industry in Nigeria has been tasked on the need to safeguard the interest of individuals, businesses, and the nation at large on socio-political risks.
This charge was contained in a submission made by the participants present at a three-day Education Seminar, held in Port-Harcourt, Rivers State, at the instance of the Chartered Insurance Institute of Nigeria (CIIN) with the theme, “Socio-Political Risks: The Role of the Nigerian Insurance Industry.”
Delivering her address on behalf of the President/Chairman of the Council of the Institute, the Deputy President, Mrs. Yetunde Ilori, noted that Nigeria faces various socio-political risks that could impede social progress and economic growth.
According to her, the risks range from political instability, ethnic tensions, terrorism, civil unrest, to government policies and regulations, among others, hence the role of the insurance industry in addressing them.
“The insurance industry can act as a catalyst for risk prevention and reduction. By actively assessing and evaluating potential socio-political risks, insurers can collaborate with governments, businesses, and communities to develop risk management strategies and enhance resilience.
“Through initiatives such as risk education programmes, capacity building, and partnerships with relevant stakeholders, the industry can contribute to societal awareness and preparedness, reducing the likelihood and impact of socio-political risks,” she said.
On his part, the Chairman, CIIN Education Committee, Mr. Olusegun Omosehin, said the management of socio-political risks had become imperative.
“Insurers should spread the gospel of mitigating risk across Nigeria. A country with a population exceeding 200 million and a diverse range of socio-political factors at play, understanding and navigating these complexities is crucial for the sustainable growth and development of the Nigerian insurance industry,” Olusegun admonished.
