Igbiti: Insurance Industry Most Resilient, Fast Expanding Sector in Nigeria

Ebere Nwoji

The Chairman, Insurance Industry Consultative Council (IICC), Mr. Edwin Igbiti, has said that insurance industry is one of the most resilient and fast expanding sectors in Nigeria.

Igbiti made the disclosure in his welcome address at the 2022 IICC Media Retreat with the theme, “Media as Catalyst for Insurance Inclusion,” organised for the members of the Nigerian Association of Insurance and Pension Editors (NAIPE) in Ijebu Ode, Ogun State.

According to him, “You will agree with me that there has been growth in the industry despite the numerous economic recessions, the effects of the COVID-19 and the #ENDSARS protests which resulted into millions of claims. The insurance industry has stood as one of the most resilient and fast expanding sectors in the nation’s economy.”

While emphasising the importance of the IICC collaboration with members of media and the rationale behind the IICC Media Retreat, Igbiti said, “The crucial position the media plays in the economy and society at large cannot be over emphasized. Indeed, the media poses as a veritable authority for agenda setting, public education, sensitization and awareness creation.

 “We are partners and we urge you all to use your reputable platforms to consistently announce the gospel of insurance and its benefits to the public so that we can attain the desired penetration rate in Nigeria. When the industry is booming from our efforts, it will also be a common joy and gain for us all. Hence, the onus is on all of us, everyone in this room and our networks beyond it to ensure that the insurance industry attains its pride of place in the economic ecosystem.”

While commending NAIPE members for their support, the IICC Chairman who is also the President/Chairman in Council, Chartered Insurance Institute of Nigeria (CIIN) said, “I would like to use this opportunity to express our profound appreciation to the media for its inestimable support over the years especially, you the insurance industry journalists who have constantly employed your expertise and in-depth knowledge about the industry to objectively report the trends and opportunities as well as enlighten the public about the values of insurance.”