Mrs. Funmi Babington-Ashaye, Chairman, Insurance Industry Consultative Council

Stakeholders in the Nigerian insurance industry have canvassed the support of the media for sustainable growth of the insurance sector in Nigeria.

Mrs. Funmi Babington-Ashaye, Chairman, Insurance Industry Consultative Council (IICC)said at the 2018 media retreat at Ijebu-Ode, Ogun State that the industry values the contribution of the media industry in the development of insurance business  in Nigeria.

“We thank the insurance media for helping to spread the message of insurance in the country through reportage and public education. The IICC will continue to provide the platform for robust engagement with the media going forward.”

She added: “You will all agree with me that a better understanding of our operations by the media cannot be over emphasized. As we all know, insurance is highly technical and its reporting can only be accurate if the media continue to partner the industry through mutual education, trust and commitment. Let me therefore state that the IICC will continue to provide platforms for the continuous exchange of ideas with the media, especially in areas such as new and emerging industry policies, ethics and professionalism, insurance and financial literacy.”

The IICC chairman said it is pleasing to note and place on record, the significance of the Media Retreat as a mark of recognition and acknowledgement of the importance of the media, especially in its position as:

  • The Industry partner in progress
  • The public opinion gauge about our Industry
  • A veritable purveyor of public education on Insurance and financial issues, and the platform for measuring Industry pulse and stability and/or challenging situations.

“It is against this background that the Insurance Industry Consultative Council (IICC) has commenced hosting of the Media Retreat on behalf of the Industry.”

Mr. Richard Borokini, Director-General, Chartered Insurance Institute of Nigeria (CIIN) said: “The media is an important partner in our industry, We know that the media retreat will help us to deepen insurance penetration in the country.”

In the same vein, Mr. Fatai Adegbenro, Executive Secretary, The Nigerian Council of Registered Insurance Brokers (NCRIB) enjoined media professionals to avoid negative reports on the insurance as much as possible.

“We should avoid negative reports about the insurance market because it is also our market. We appeal for positive reports. We also seek suggestions on how to grow the market and ensure penetration of insurance in the country.”