The nation’s insurance industry has expressed its commitment to support the Federal Government’s “Renewed Hope Agenda” of the present administration to attain a $1 trillion economy by 2030.
This, the National Insurance Commission (NAICOM) gave the assurance at the investiture of Yetunde Ilori as the 52nd president of the Chartered Insurance Institute of Nigeria (CIIN) in Lagos.
In the paper delivered by the Commissioner for Insurance, Olusegun Omosehin said the regulator would align the industry with the president’s goal of growing the Nigerian economy to $1 trillion by 2030.
He stressed the need for a collective commitment to promoting a strong, resilient, strong, and stable insurance industry that contributes to Nigeria’s economic stability and growth.
The commissioner said the emerging realities and developments at the global and national levels call for a collaborative effort to reposition the insurance profession.
He stressed that it also required the industry’s rebranding so that all could better understand its narratives.
He congratulated Ilori on her emergence as the 52nd president of the CIIN, adding that leadership in the insurance sector remained more critical than it was as the industry navigated a world of significant economic challenges and great opportunities.
“Ilori’s journey to this prestigious position is a testament to her unwavering dedication, exceptional leadership, and profound commitment to the insurance sector,” he said.
He expressed confidence that under Ilori’s leadership, the CIIN would continue to promote professionalism, uphold ethical standards, and foster educational development within the insurance industry.
Omosehin noted that NAICOM views the institute as one of its veritable partners in developing the much-needed professionals needed to achieve this goal.
He reiterated the continuous support of the commission for the institute in the discharge of its responsibilities.
The commissioner said: “NAICOM looks forward to exploring additional mechanisms of enhancing the existing relationship with the institute and facilitating improved perception, transparency, and public confidence in the insurance industry.”
Speaking also at the programme, the Commissioner for Finance, Lagos State, Abayomi Oluyomi, tasked the new leadership of the CIIN with the sector growth by intensifying insurance awareness across the 36 states of the federation.
Oluyomi said that such a crusade would enrich the knowledge level of both rural and urban populace on the need for an insurance policy.
He said efforts must be put in place to create jobs for the teeming youth. More jobs, no doubt, will increase financial access.
This is because the reduction in formal employment will lead to a reduction in disposable income and savings.
