ADDRESS BY MR. FATAI KAYODE LAWAL, PRESIDENT/CHAIRMAN OF COUNCIL, CHARTERED INSURANCE INSTITUTE OF NIGERIA (CIIN), DURING THE INSTITUTE’S 2014 BUSINESS OUTLOOK SEMINAR ON WEDNESDAY, 19TH FEBRUARY 2014, AT THE GOLDEN GATE PARADISE, IKOYI, LAGOS.
PROTOCOLS
It is my pleasure and priviledge to welcome professional colleagues and distinguished insurance practitioners to the annual Business Outlook Seminar of the Chartered Insurance Institute of Nigeria. This seminar has become a veritable platform for achieving the dual purposes of reviewing the gains and losses of the previous business year and periscoping the prospects and challenges of the current and unfolding year.
The 2014 seminar is focusing attention on the national budget with emphasis on the fiscal and monetary policy thrusts of the Federal Government and how these would impact on businesses during the year. The seminar shall also examine the challenges facing the economic policies of government in 2014, including;
- Matching the fast growing population of the country presently estimated at 167 million with economic empowerment and poverty alleviation through employment creation.
- Stimulating economic growth through the provision of improved infrastructures, stable power supply and efficient public utilities.
- Revamping the real sector of the economy and diversifying from an oil dominated to a balanced economy; and
- Encouraging increased flow of Direct Foreign Investment (DFI) into the country to tap into the abundant natural and human resources by providing an enabling environment with emphasis on internal security.
It is therefore expected that deliberations today, which should be largely interactive, would explore the efficacy of the 2014 national budget in addressing these challenges.
Distinguished colleagues, the insurance sub-sector of the national economy has become increasingly central in the scheme of things because of the pervading nature of risk. As risk managers, our expertise will continue to be the bedrock for the survival of all businesses and ventures in the country. Because risk is part and parcel of everyday life, the welfare of the citizenry will remain cause for concern to us whenever we contemplate the challenges facing our business and practice. It is against this background that the 2014 Business Outlook Seminar shall also examine some of the following issues:
A preview of the Insurance Sector in 2014
Implications of the National Budget on the Insurance Industry.
Infrastructural Developments and impacts on Insurance
The worsening incidents of terrorism as well as the telling effects of environmental factors on lives and property will continue to throw up new challenges for the insurance Industry. Four years ago, the Institute dedicated its International Education Conference to Climate Change and other environmental challenges and succeeded in creating the necessary awareness on the widening scope of risk exposure and the underwriting challenges that these entail. During the Conference, we did not foresee the magnitude of the floods in subsequent years; neither did we imagine the spate of bombings, which now characterize our daily psyche as Nigerians. I am aware of the isolated efforts of some key players in our sector in addressing these emerging risks. We however should go beyond these isolated efforts and forging stronger bonds as an industry in tackling these new challenges. These and more areas of concern must begin to agitate our minds more than ever before.
A panel of three eminent scholars with diverse background and rich experience on the subject has been assembled to lead our discussion at this year seminar: Dr. Biodun Adedipe is a renowned economist and public commentator on Government economic policies and Budget. He was at one time an economic adviser on budget in the Presidency. He is the principal partner in BOA Adedipe & Associates. Mr Kola Ayeye is an experience banker and a member of the Nigerian Economic Summit Group (NESG). He was former Managing Director of National Bank and now Executive Director at Mainstreet Bank Ltd. Mr. Bimbo Siyanbola is an experience insurance practitioner and two-times Managing Director of Great Nigeria Insurance Plc. He is the principal partner of Paul Ester Consulting.
The Governing Council of the Institute is poised at providing platforms such as this for knowledge sharing and for sharpening the skills of practitioners to cope with emerging challenges and exploring new opportunities. The Council is also expanding the frontiers of Insurance Education by supporting the teaching and learning of Insurance as a course of study in both secondary and tertiary institutions in the country. It is worthy of note that the production of Insurance textbook for secondary school students will go a long way in attracting many young school leavers to study insurance and join the profession.
In ending this address, it is pertinent to reiterate the need for all hands to be on deck in ensuring that the Industry human capital continues to brace up for the current and emerging challenges. This we can achieve by ensuring mass attendance during programmes such as this. Continuous professional development is not only important in itself; it is also a point-scoring exercise and a requirement for sustaining membership of many professional bodies including our Institute.
Once again, I welcome you to the 2014 Business Outlook Seminar and wish you fruitful deliberations.
Thank you for your attention.
MR. FATAI KAYODE LAWAL, FCII, FIIN
PRESIDENT/CHAIRMAN OF COUNCIL
CHARTERED INSURANCE INSTITUE OF NIGERIA
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