Use pool risks to reduce uncertainties, insurers told

Chuks Udo Okonta

Using pooled risk to reduce uncertainties should be a major role insurers must play in the nation’s transformation process, Founder/Chief Executive Officer (CEO) Centre for Values in Leadership (CVL) Prof Pat Utomi, has said.

He disclosed this today Thursday, at the ongoing International Education Conference and Exhibition of the Chartered Insurance Institute of Nigeria (CIIN). Speaking on the topic, Leadership and Strategy Governance Challenges in a Transforming Economy, he said insurers must also play the role of developing venture capital in its investment frame and engage in risk and capital formation for long term.

He called on insurers to be more proactive and rise to the challenge of questioning whatever that seem inimical to growth and development.

Utomi said Nigeria has the potentials to become great in the comity of nations if people contribute their best.

The Special Guest of Honour at the event, Gamaliel Onosode, called on insurers to embrace discipline, adding that for an organisation to make progress there should be commitment to discipline.

He urged insures to intensify efforts in convincing the public that insurance works, adding that insurance has helped mitigate some risks he suffered in time past.

Chairman First Bank Capital, Mrs Ibukun Awosika, called on insurers to think out new products that should support industries.

The President Chartered Insurance Institute of Nigeria (CIIN) Dr. Wole Adetimehin said the choice of the conference theme: "The Nation in Transformation: Repositioning the Insurance Industry", is borne out of the Institute’s commitment to the provision of platforms for continuous professional education and the need to engage its members in constructive revaluation of the business environment.

He said: "As professionals, our contributions to nation-building cannot be overemphasized. The on-going transformation process which our nation is passing through represents the most critical phase of nationhood and therefore requires our collective support as Insurance professionals, especially at a time when the most challenging and unprecedented developments continue to threaten our co-existence as citizens of one nation.

"Our industry’s continuous relevance as a vital sub-sector of the national economy must remain our focal point. Part of the challenges facing this situation remains the less than optimal commitment of major operators to the development of their human resource through relevant training and retraining programmes such as this conference.

This leads me to the issue of poor attendance at the conference and similar educational programmes of the Institute, a situation which is difficult to understand."