CIIN seeks govt’s support for insurance
The President Chartered Insurance Institute of Nigeria (CIIN) Dr Wole Adetimehin, has called on State Governments to support insurance by procuring policies to cover their risks.
He disclosed this during a visit to the Ogun State Governor Senator Ibikunle Amosun in Abeokuta. He noted that supports from governments, would go a long way to promote service delivery and enhance international best practices.
He said there are compelling reasons why the citizenry and governments should take insurance more seriously, adding that Nigerians are under daily threat from risks emanating from natural disasters such as floods, rainstorms and security risks which are taking their toll on the citizenry.
He noted that the low insurance contribution to the economy stemmed from slack of necessary infrastructures. He added that lack of basic needs prevent people from making insurance part of their priorities.
He said: “With unemployment at an estimated 23.9 per cent in 2012, the Insurance business in Nigeria is hardly able to improve on its contribution to the nation’s GDP above one per cent, unlike in South Africa where it is 15 per cent. The reason for this is because citizens are apparently laden with costs which are channeled at the procurement of otherwise basic and fundamental needs such as electricity, water and security, preventing them from making insurance part of their priorities.
“I am delighted that some state governments are making positive efforts in the improvement of citizens’ welfare and this includes Ogun State. We wish to also seize this opportunity in requesting Ogun State and other state governments to provide a level playing ground for the insurance companies within the states in the procurement of state insurances.
“This is not only a healthy option but also goes a long way in promoting service delivery and the benchmarking of international best practices.”
He said the institute is committed to the nation’s development, adding that its College of Insurance will attract development in its immediate community and also provide employment opportunities for the youths of the community. He said the College will be a signpost for career choice by encouraging the youths of the community and larger Ogun State to embrace insurance as a career.
Adetimehin said insurance has remained the bedrock of economies across the globe and that Nigeria will be no exception.
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