GOODWILL MESSSGAE DELIVERED BY THE PRESIDENT OF THE NIGERIAN CLOUNCIL OF REGISTERED INSURANCE BROKERS, MR AYODAPO SHODERU, FIIN, FCIB AT THE JOINT INSURANCE INDUSTRY MEDIA RETREAT, ORGANISED FOR MEMBERS OF NATIONAL INSURANCE CORRESPONDENTS (NAICO), HELD IN ABEOKUTA, OGUN STATE.

The President of the CIIN,

Chairman of NIA

President of PILA

President of NAICO

Distinguished members of NAICO

Our dear resource persons

It is my privilege to be a guest at this event which is another major stride by the insurance industry to forge a common front in the promotion of its common goal of advancement. Permit me to say that the media has continued to play catalytic roles to the growth and promotion of insurance awareness in Nigeria. I specially would like to commend the present leadership of NAICO for the maturity and professional excellence with which its members have continued to carry out their professional roles.

It is common knowledge that one of the problems confronting the insurance industry is low acceptance, occasioned by poor awareness about the benefits of insurance to everyday living. Instead of being the primary consideration in the order of priority, insurance is usually consigned to the rung of priority by many Nigerians. This has definitely led to unnecessary misery by the people in the event of a loss to their lives and property. Suffice it to say that the media and the insurance industry have strived to be partners in progress for quite a while and happily the relationship has continued to grow leaps and bounds. One could still remember the time when only two or three national newspapers devoted little spaces to the reportage of insurance. The story line has changed today, as there is hardly any news medium (whether online or traditional, electronic or printed) that has not deemed it necessary to devote conspicuous spaces to insurance reporting. Whilst this calls for joy and applause, the question that continued to agitate the minds of operators is: How far has this new move changed the fortunes or public acceptance of insurance in Nigeria? I personally see the challenge beyond the insurance industry. My take is that until the media begins to see the responsibility of re-orientating Nigerians to appreciate the value of the services sector, of which the insurance industry belongs, the country will continue to trudge behind in terms of serious economic development. As at today, Nigeria still remains a production rather than service based economy. The average common man in the streets is ready to part with money to purchase "physical goods" rather than pay for intangible services. There is no doubt that the services sector has become a dominant force in many national economies and could be seen as the nerve of great economies in the West and Asia. A recent study established a clear correlation between the level of economic development in an economy (as expressed by the GDP) and the strength of its service sector. There is no doubt that the more highly developed economies are associated with a high proportion of employees in the services sector. Through positive and developmental media reporting, the media should continue to promote the value of the services generally, and I trust that the resolve will start from here!

Before I conclude my message, I must once again appreciate NAICO and challenge the Association not to only content itself with reporting insurance. Members should see themselves as integral players in the industry who are in positions to give positive pieces of advice to the core operators, to enable its serve the clients better. This admonition is buoyed on the belief that the prospect of the insurance industry and that of NAICO are inextricably tied. In other words, NAICO will only thrive well if the insurance industry survives and survives well and vice versa.

I wish you all a delightful and rewarding Retreat.

Thank you and God bless.

AYODAPO A SHODERU, FIIN, FCIB

PPRESIDENT/CHAIRMAN, NCRIB GOVERNING BOARD