I am delighted to welcome you to this event and by the opportunity given to address you on the activities of the Insurance Industry Consultative Council (IICC). This event is mainly to avail you of the major highlights of the activities of the body particularly the maiden Insurance Industry Mega Conference.
Permit me to acknowledge with appreciation, the support of the media in the projection of the Nigerian Insurance Industry. This support has contributed immensely to our collective drive to properly position our industry in the mind of Nigerians. Although we have not achieved the desired results, there are positive signs that we are on course.
The focus of this Press Conference is to address you on the two major events which make up the report of the IICC. These events are,
1. The activities of the IICC in the last twelve months
2. The Insurance Industry Mega Conference opening on Sunday 26th July, 2015 at 7.00pm with welcome cocktails and proceeding through Monday July 27, 2015 to Tuesday, July28, 2015.
The Insurance Industry Consultative Council (IICC) was established to act as the unifying voice of the insurance industry, representing the industry on national issues affecting the Insurance Industry; to be a clearing house for information about the insurance industry; act as an interfacing body between the industry and other parties as well as overseeing the resolution of intra and inter sectorial conflicts.
The IICC for the purpose of emphasis is chaired by the President of the Institute and has members from all sectors of the industry namely,
1. Chartered Insurance Institute of Nigeria (CIIN)
2. Nigerian Insurers Association (NIA)
3. Nigerian Council of Registered Insurance Brokers (NCRIB)
4. Institute of Loss Adjusters of Nigeria (ILAN)
We are all cognizant of the fact that the Insurance Industry should be the catalyst for economic growth as obtainable in other climes. Regrettably, this has not been the case in the country, even though we are on the part to progress. Many reasons have been adduced for this impeded growth, among which is the seeming lack of cohesion amongst all the industry operators. We have realized that no tangible development can be achieved when all the operators row in different directions. The IICC is concerned and has been working to put paid to this and project the industry cohesively.
The IICC has therefore set an agenda to improve the presence of the Insurance Industry as a holistic entity for the purpose of strategic policy engagement of relevant stakeholders. With thislevel of advocacy, it is hoped that the industry will be able to follow up matters of collective interest with renewed vigour.
Permit me to utilize this medium to advocate that Insurance should be made the cornerstone of the nation’s economic vision of the present administration, bearing in mind that risk management and mitigation is the fulcrum of enduring economic growth.
Gentlemen of the press, even though we are yet to attain our desired position, the efforts of the IICC represent a bold step in that direction.
MAIDEN INSURANCE INDUSTRY MEDIA RETREAT
The Arms of the Insurance Industry, comprising the Chartered Insurance Institute of Nigeria, the Nigerian Insurers Association, the Nigerian Council of Registered Insurance Brokers and the Institute of Loss Adjusters of Nigeria, decided in 2014 to commence the joint hosting of the Media Retreat.
The maiden edition of the Joint Media Retreat which was held from Tuesday 9th to Thursday 11th September, 2014 at Continental Suites, Abeokuta, Ogun State had as its theme; “The Media and the Promotion of Insurance Culture in Nigeria”. The theme of the Retreat was borne out of the need to identify and nurture the important role the media plays in the entrenchment and sustenance of an Insurance culture in any society.
The Retreat featured paper presentations by notable personalities including Mr. O.S Thomas, Mr. Sunny Adeda and Mr. Solanke Ogunlana.
It is my utmost belief that this initiative will not only guarantee greater unity of purpose but also forestall the dissipation of energies in different directions on what should be a formidable industry to create a platform to foster a better relationship with the media considering the new direction of the Insurance Industry.
THE INSURANCE INDUSTRY MEGA CONFERENCE
The Insurance Industry had endeavoured to organise a common Insurance Industry Conference in the past without success. However, the IICC at its meeting on Wednesday November 19, 2014 resolved to hold an Annual Mega Conference of the Industry. This position was taken as the first step towards bringing the entire industry together to act together and speak with one voice.
The maiden edition of the Annual Mega Conference is scheduled to hold from Sunday, 26thJuly, 2015 to Tuesday, 28th July, 2015 at the Congress Hall of Transcorp Hilton, Abuja.
The theme of the Conference “DEVELOPING INSURANCE BUSINESS FOR NATIONAL GROWTH” was informed by the need to upscale the capacity of the Insurance Industry for effective performance and improved contribution to the growth of the Nigerian Gross Domestic Product, which is receiving the coordinated attention of the industry. The emergence of new ideas to improve the relevance of the industry in all facets of the nation’s economy is a focal point of the Conference. It also represents a platform for all stakeholders to discuss topical issues affecting the Insurance Industry, the Financial Services Sector and the National Economy.
The Mega Conference represents a platform for all stakeholders to discuss topical issues affecting the Insurance Industry, the Financial Services Sector and the National Economy. The Nigerian Insurance Industry being critical stakeholder in the achievement of financial inclusion for all within our economy; considers it necessary to bring together all arms of the Industry to achieve the required Insurance penetration for higher percentage of financial inclusion in the Country.
The focus of the Conference will therefore be on the vital steps the Insurance Industry must take in the development of the business of Insurance with the objective of having a major impact in the growth of the Nation’s Economy.
The keynote address at the Conference will be delivered by the Commissioner for Insurance, Mr. Fola Daniel while the theme paper will be presented by Mr. Frank O’Neill, Managing Director, Swiss Re, ME & A.
The sub-themes and other Guest Speakers are,
- Ven O.O. Ladipo-Ajayi
Managing Director, LASACO Assurance Plc
Regulation and Enforcement for Insurance Growth – An Assessment
- Mr. Bismarck Rewane
Managing Director, Financial Derivatives Ltd.
Growth Options for Insurance Business in Nigeria
- Sir. Benjamin Aladekomo
Director, Chams Group
Information Technology as a Strategy for Market Penetration and Expansion
The Conference will have four Sessions to be chaired by notable insurance practitioners which include,
- Mr. O. S. Thomas
Director-General, Nigerian Insurers Association
- Alhaji Mohammed Kari
Deputy Commissioner (Technical), National Insurance Commission
- Mr. Oye Hassan-Odukale
Managing Director, Leadway Assurance Company Ltd.
- Mr. E.K. Okunoren
Deputy President, Nigerian Council of Registered Insurance Brokers
- Sir. M.O. Oyegunle
Managing Director, LAKEG Nigeria Ltd.
The highpoint of the Conference is the Grand Ball which will hold on Tuesday, July 28, 2015 in the congress hall at Transcorp Hotel. The Grand Ball will be attended by the cream of the industry. We will take the opportunity of the event to honour the Commissioner for Insurance, Mr. Fola Daniel. It will mark an occasion to recognize and celebrate the achievements of the Commissioner for Insurance and other industry leaders who have done so much for the industry.
We have done everything through the Organising Committee to make the Mega Conference a wonderful and memorable experience. The Committee under the Chairmanship of Mrs. FunmiBabington-Ashaye is aware of the Industry’s high expectations and has promised to surpass thoseexpectations.
I want to thank all the members Bodies of IICC for their wonderful support. The industry has since the inception of IICC been able to resolve many intra sectoral issues without washing our dirty linen in public. This has strengthened our belief that the problems facing the industry are not insurmountable if we all have the collective will to act as one body.
CONCLUSION
I thank you for honouring this invitation and request your support, individually and collectively in improving the perception of Insurance in Nigeria.
BOLA TEMOWO FCII, FIIN
Chairman,
Insurance Industry Consultative Council
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