28 August 2012

Nigeria: State of Insurance Industry Report Set for Release

Insurance professionals in the country are set to get an update on the state of the industry, a report that is usually laid before them on an annual basis by the chief regulator.

This is the highpoint of the annual Professionals' Forum organised by the umbrella body of insurance professionals, Chartered Insurance Institute of Nigeria (CIIN).

The 2012 version of the programme with theme, "Beyond Professionalism: Making a Difference" is billed to hold in Ibadan, Oyo State between September 12 and 14.

It has been the usual practice for the Commissioner for Insurance, to deliver a state of the industry report at CIIN professionals' forum where the practitioners would deliberate and brainstorm on the report as well as chart ways forward for the practice.

This year, the chief regulator, Mr. Fola Daniel is expected to lay this report before the operators in the course of the programme.

Commenting on the programme, the CIIN President, Mr. Wole Adetimehin said the theme reflects the "clarion call on professionals in Insurance and other arms of the financial services sector to brace up for emerging challenges in the global economy.

"Professionals should be better equipped in order to exhibit competences over and above mere requisite qualifications. The need has arisen for professionals to be further equipped both as risk managers and change agents through effective control of their business and positive transformation of the organisations under their trust", he said.

Also, the Director General of CIIN, Mr. Adegboyega Adepegba said that it is necessary for all insurance professionals to attend the forum, saying it is the only way the could key into the institute's professional development agenda.

"I make bold to say that apathy to professional education cannot correct the palpable skills imbalance in an industry that is in dire need of greater expertise in the effective underwriting of many special risks including the emerging risks occasioned by security threats across the nation", Adepegba added.

He encouraged operators in all the five arms of the industry to see themselves as insurance professionals before further segmenting themselves as underwriters, reinsurers, brokers, loss adjusters and agents.

"We want to see a new beginning for us if all the professionals are able to storm the forum", the director-general added.

CIIN has continued to provide the platform for an annual professionals' forum engendering the body's contribution to the upliftment of service delivery, skills sharpening and the acquisition of fresh insights by the professionals in global best practices and international standards.

The institute's membership include over 3,000 Fellows and Associates who make up the core professionals and technocrats driving insurance business in the country and who are eligible to attend this programme

The institute, by virtue of its statutory powers vide Decree 22(now Act) of 1993, is charged with the responsibility of determining the standard of skill and knowledge required by insurance professionals for the effective and efficient discharge of their services as risk managers.

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