Being text of opening remarks by Mr. Akinjide Orimolade, President/Chairman of Council, Chartered Insurance Institute of Nigeria (CIIN) at the IICC Compulsory Insurance Training programme in Akure, Ondo State on Friday, November 6, 2026.
It gives me great pleasure to welcome you all to the IICC Training on Compulsory Insurances Programme, organised by the Insurance Industry Consultative Council (IICC) as part of our collective efforts to deepen insurance awareness, promote public understanding and strengthen insurance penetration in Ondo State, the Sunshine State.
This training programme, which reflects our commitment as an industry to taking insurance education beyond the confines of insurance institutions and bringing it closer to the people who need it most, happens to be the 6th edition. The prior editions were held in Kano (Year 2021), Benin (Year 2022), Port Harcourt (Year 2023), Ibadan (Year 2024) and Enugu (Year 2025).
To further expose insurance to all and sundry, we were able to go onto the streets of Akure City earlier today to bring insurance to the consciousness of the citizens of the city and the experience was humbling. Insurance will continue to preached by the industry in all nooks and crannies of the country and this will assist in giving peace of mind to all and sundry.
THE IMPORTANCE OF COMPULSORY INSURANCES
Insurance remains one of the most effective instruments for financial protection, risk management and economic stability. It provides individuals, businesses and institutions with a structured means of managing unforeseen risks and recovering from unexpected losses.
However, despite the importance of insurance, awareness and understanding of its benefits, particularly compulsory insurance policies, remain areas requiring deliberate attention.
Compulsory insurances are not merely regulatory requirements; they are essential mechanisms for protecting lives, properties and businesses, while ensuring that individuals and organisations can meet their financial responsibilities when unforeseen circumstances arise.
It is therefore important that members of the public understand the different compulsory insurance policies, the risks they address, the benefits they provide and the consequences of non-compliance.
WHY THIS PROGRAMME MATTERS
Our decision to engage members of the civil service in this programme is deliberate. Civil/Public servants occupy strategic positions in society and interact with individuals, families, businesses and communities daily. Equipping them with adequate knowledge of insurance will not only improve their personal understanding of financial protection but will also enable them to become advocates of insurance awareness within their respective organisations and communities.
We believe that when civil/public servants understand the value of insurance, they are better positioned to make informed decisions, appreciate the importance of compliance and encourage others to embrace appropriate insurance protection.
Furthermore, this initiative provides an opportunity to address misconceptions about insurance, particularly concerns surrounding claims settlement, policy benefits and the operations of insurance companies. Through informed engagement and practical explanations, we can begin to build the confidence and trust required to encourage greater participation in the insurance market.
OUR COLLECTIVE RESPONSIBILITY
As an industry, we have recognised that improving insurance penetration cannot be achieved through regulation alone. It requires sustained public enlightenment, professional service delivery, transparency and collaboration among all stakeholders.
I therefore commend the Insurance Industry Consultative Council for continuously championing this initiative and appreciate the contributions of all participating institutions and professional associations.
I also encourage participants to take full advantage of this training by actively engaging the facilitators, asking questions and seeking clarification on areas where further understanding is required. The objective is not simply to attend a training session but to acquire practical knowledge that can be applied in everyday life.
CONCLUSION
Distinguished guests, the future of the Nigerian insurance industry depends significantly on our ability to build public confidence, expand awareness and demonstrate the practical value of insurance to every segment of society.
Let us therefore see this programme as an important step towards creating a more insurance-conscious society, where individuals understand their risks, appreciate the need for protection and willingly embrace insurance as an essential part of their financial planning.
On behalf of the Insurance Industry Consultative Council, I appreciate the Ondo State Government, our host, and all stakeholders who have contributed to making this programme possible.
I look forward to fruitful deliberations and meaningful outcomes from today’s engagement.
It is my honour and pleasure to formally welcome you all and declare the IICC Compulsory Insurance Training Programme open.
Thank you, and God bless you all.
Mr. Akinjide Orimolade, FIIN
Chairman of Council
