IICC Chairman Advises Nigerians to Embrace Insurance Services

Ebere Nwoji

The Insurance Industry Consultative Council (IICC) has advised Nigerians to embrace insurance services, adding that improved life styles and wealth accumulation were some of the enormous benefits in insurance.

IICC chairman, Edwin Igbiti, who stated this at the 2022 Training on Compulsory Insurance, held in Benin City, Edo State, explained that insurance offers income, life and property protection to the insured and their needs.

He said insurance also enhances income accumulation that could be used at retirement to help preserve the desired lifestyle of the insured.

He maintained that insurance was a global entity and its values and benefits numerous to the existence of mankind.

Igbiti noted that insurance stimulates business activities to operate in a cost-effective manner, by managing risks associated with business operations.

According to him, the insurance sector safeguards the assets of its policyholders by transferring risks from an individual or business to an insurance company.

He said a major risk that was bedeviling the country among others presently was the flooding menace, adding that the current flooding had caused major havocs and death of lives.

“The IICC seizes this opportunity to sympathies with all the victims across the country and believes that insurance companies will play their expected roles in ameliorating the effect of the losses and damages done promptly, as I know they are currently warming up to process huge claims from recent floods that ravaged some states.

“This again, avails us the opportunity to resonate the benefits of insurance to Nigerians. It is for times like these that we embrace insurance so as to have adequate compensation of losses incurred, ”he said.