CIIN: Insurance Industry Partnership with Media Should Drive Economic Growth

ADDRESS BY SIR MUFTAU O. OYEGUNLE CHAIRMAN, INSURANCE INDUSTRY CONSULTATIVE COUNCIL (IICC) DURING THE 2021 IICC MEDIA RETREAT FOR INSURANCE CORRESPONDENTS ON FRIDAY 11th DECEMBER, 2021 AT THE COLLEGE OF INSURANCE AND FINANCIAL MANAGEMENT.

Distinguished Members of the IICC, Distinguished Members of the National Association of Insurance and Pension Correspondents, Ladies and Gentlemen, it is with great pleasure that I convey the goodwill of the various Arms of the Insurance Industry under the umbrella of the Insurance Industry Consultative Council (IICC) and welcome you to the 2021 IICC Media Retreat for Insurance Correspondents.
The yearly media retreat is a testimonial to the recognition of the support and pivotal roles which the media has been playing as the vehicle for the much-desired public awareness sensitization on insurance in the country. It is also a platform to feel the pulse of the public through the lens of the media.
It is on this premise that the Insurance Industry Consultative Council (IICC) retains its commitment to ensuring that this annual gathering remains an ever-present feature in the calendar of the industry.
This forum also serves the purpose of further unifying all arms of the Insurance Industry who have come together under one umbrella, the IICC, in order to ensure unity and single-mindedness in promoting the insurance industry agenda.
I would like to refresh your memories by stating that the IICC was formed with the following objectives which are aimed at raising the profile of the industry as well as increase its relevance to the Nation’s economic growth.
The objectives include:
1. Acting as an industry voice for national matters.
2. Acting as a platform for intra industry conflict resolution.
3. Promoting the Industry’s image and growth agenda.
4. To take up and assume any other role that may serve the best interest of the insurance industry.
Therefore, I would like to seize this opportunity to express our profound appreciation to the media for its immeasurable support. The media, especially the insurance correspondents have continued to demonstrate expertise and in-depth knowledge about the insurance industry as has been reflected in their objective reportage over the years.
As the world continues to evolve, the expectation from you as a key blog in the turning wheels of economic growth equally changes. It is upon this notion that the theme for today, the Newsman in the Changing World, has been ably conceived.
There is a need for knowledge and creativity to lead the way as well as the adoption of artificial intelligence in amplifying the contents that you create. The event of the year will no doubt put some mental or psychological strain on us and there is a need for us to deescalate some of those situations before we enter another year.
One of the mandates of the Council is to promote insurance awareness and we urge you all to use your platforms and the reach they cover to promote the gospel of insurance and its offerings. We are ending the year as optimists in what has been a largely forgettable year. It is our prayer that the coming year will bring a lot of good tidings.
The Covid 19 and consequent down turn of the economy has increased the level of poverty in our country and the message to Governments at various levels is that for sustainability, insurance must be built into most of the support governments are offering e.g. Government can make health Insurance compulsory by subsidizing the premium. This has been done successfully in other countries.
It may interest you to know that common malaria kills more people in Nigeria than Covid. The recent Collapse of 21-storey 360 degrees apartment at Gerald Road, Ikoyi on November 1, 2021 where 45 deaths so far have been recorded with many wounded without any Insurance Cover exposed the level of decadence in our society.
It simply revealed the level of culture of settlement in our country. At this juncture, I would like to extend my heartfelt appreciation to all the speakers who have agreed to share from their wealth of experience with us physically today.
They have earned the right in each and every way in their respective vocations to share insight on the topics they have been embarked to do justice to today. I am very sure we will learn a lot from their expertise.
Let me end by stating that the insurance industry and insurance correspondents are hand in glove elements that should drive economic growth. When the insurance industry is thriving as it should, it fills one with a sense of pride.
The onus is on all of us, everyone in this room and our networks beyond it to ensure that the insurance industry attains its pride of place in the economic ecosystem. We hope that now and in the future; we will retain your support.
I thank you for honouring our invitation to this retreat and advise that you take maximum advantage of the knowledge that would be shared at this event for the advancement of your profession as modern-day information managers.
Thank you for your attention.