The lofty goals we set for ourselves on assumption of this Presidency on the 17th June, 2011 have been substantially fulfilled. These were hinged on the theme: “Repositioning the Insurance Profession” and included:
• Strengthening the Relevance of Insurance Profession in Nigeria
• Enhancing the Quality of Insurance Education in Nigeria
• Recognition of Excellence in Insurance and
•Awareness and Public enlightenment
Strengthening the relevance of insurance profession in Nigeria
The first significant step taken by the Governing Council in this direction was the constitution of a formidable industry team which examined the issues related to the national budget and arrived at useful decisions which brought to the front burners the opportunities for economic growth and, in particular, the expectations from the Insurance sector.
This exercise was effectively carried out for the 2012 Budget while in 2013 we subjected the exercise to a formidable forum of Insurance practitioners facilitated by experts. The platform was the 2013 Business Outlook Seminar which compelled participants to take a closer look at the national budget as a useful instrument for business strategy. Attendees at the forum agreed that the exercise was a useful encounter with the realities facing every operator in today’s business environment.
As an industry, we have an undisputed stake in the growth and development of our national economy and the socio-political landscape. During the period in review our various engagements with governments at the state and federal levels provided opportunities for asserting the relevance of our Insurance policy packages for indemnifying businesses against losses while also providing the necessary peace of mind for both local and foreign investors.
We have also continuously canvassed the need for a genuine national consciousness on the efficacy of Insurance especially with the spate of insecurity and the wanton destruction of lives and property as a result of growing insurgency as well as natural disasters such as floods and storms. As the Industry’s educational arm, we have also initiated suitable and relevant training programmes aimed at equipping practitioners with the necessary tools for underwriting the emerging risk exposures such as kidnapping and terrorism. We are also gearing up to promote the development of pool formations which can contain these catastrophic risks and guarantee greater confidence from the insuring public.
Enhancing the quality of insurance education in Nigeria
I am pleased to inform you that the Governing Council pursued this with vigour in the following respects:
• Painstaking pursuit and actualisation of construction work at the site of the College of Insurance and Financial Management, preparatory for launching of the first phase and take-off of activities of the College. Let me report that the progress at the College site is significant, especially with the completion of key structures for the College take-off.
• Accreditation of additional institutions of tertiary education offering Insurance. These include:
– The Federal Polytechnic, Offa.
– Lagos State Polytechnic
– The Polytechnic, Ibadan
– University of Uyo
– Joseph Ayo Babalola University
The accreditation exercise is a marked effort in guaranteeing the sustenance of approved standards in the delivery of programmes leading to award of qualifications in Insurance.
• Organisation of students’ forum as a platform for addressing vital issues affecting standards in both the conduct and contents of the CIIN Professional Examinations.
• Collaboration with the Lagos Business School (LBS) in the development and implementation of modules for more effective education of top echelon insurance practitioners and as such making them more fit and proper in managing the increasingly dynamic business environment.
•Reinforcement of the International Outreach Programme for top-echelon practitioners with the latest programme in Australia held in October 2012.
Recognition of excellence in insurance
The most endearing qualities of service abide in proven strength of character culminating in excellence. These are in limited supply in most fields of human endeavour such as ours. This is why the Governing Council during my tenure decided to institute an Annual Nigeria Insurance Awards to honour those who have excelled in the profession and those who have in this regard, contributed most significantly to the Insurance world-view over the years.
It is pleasing to report that the maiden awards will take place as part of the 2013 Annual Dinner and Investiture Ceremony slated for Friday 14th June, 2013. The Governing Council, in establishing the modalities for the Annual Awards, has put in place an enduring legacy for recognition of icons of our profession and the beacons of hope for the up and coming generation.
The institute in perspective
Let me report, in addition to the foregoing, the progress made by the Institute in respect of major pursuits during the period under review.
The Governing Council has continued to reinvigorate the Institute chapters as a veritable platform for sustaining a national membership spread as well as guaranteeing unity of purpose in the actualisation of the Institute’s statutory responsibilities.
During the period in review, Council invested new Chapter Chairmen and inaugurated their respective Executive Committees, charging them with the responsibility of propelling activities and programmes of the Institute at the Chapter level as well as mobilising patronage for the professional examinations in addition to boosting the membership of the Institute.