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Thursday, February 2, 2023

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Insurance Group Seeks Market Growth via Media Support

The Chairman of the Governing Council, Insurance Industry Consultative Council (IICC), Sir Muftau Ojegunle, has identified journalists as critical stakeholders in insurance industry even as he called for more support from the media to increase the industry’s penetration.
Sir Muftau who is the President/Chairman, Governing Council, Chartered Insurance Institute of Nigeria (CIIN) made the disclosure at the 2020 Media Retreat with the theme “ Changing the Face of the Media, The New Expectations,” organised by the body for insurance journalists at Ijebu Ode, yesterday.
According to him, “We want to work together to move the industry forward. If we are able to increase penetration rate, its for our mutual interest. If the industry grows, of course, we shall benefit from it, so l want to say that don’t just see yourself as onlookers, see yourself as a critical stakeholder in the industry. When we come around here let’s tell ourselves the truth., always do the needful in order to move the industry forward.”
He commended the collaborative relationship existing between the insurance journalists and the insurance industry, and promised to do everything to improve on it.
Also speaking, the President, Nigerian Council of Registered Insurance Brokers, (NCRIB), Dr (Mrs) Bola Onigbogi, who was represented at the occasion by the Vice President, Mr. Tunde Oguntade, informed the journalists of the expectations of the industry.
While calling on the insurance journalists to see themselves as critical stakeholders of the industry, he also urged them to be objective in their reportage, noting that accurate and critical analyses of industry’s activities will help the industry to grow.
Oguntade who described NAIPCO members as “eyes of the industry” solicited the continued cooperation and supports of the journalists association in ensuring that the industry is positively projected and reported as their contribution to deepen insurance penetration in Nigeria.
While calling on the journalists to see the industry as one united family, Mr Oguntade urged NAIPCO members to aspire to unite the industry through their reports and analysis by giving all the different segments of the industry the same level of coverage. “Don’t report Nigerian Insurers Association’s (NIA) success as NIA success, don’t report NCRIB’s success as NCRIB success. It’s an industry success. Aspire to unite the industry.”
In his contribution, the Head, Human Resources/Administration and Corporate Communication, Mr. Davis Iyasere, who represented the Director General, Nigerian Insurers Association (NIA), Mrs Tunde Ilori, called on journalists to ensure objectivity, fairness and balance in their reporting for the growth of the sector.
On the on-going recapitalisation exercise, he said there’s no disagreement between the regulator, the National Insurance Commission (NAICOM) and the operators as speculated in some quarters, stating that what is going on is the normal consultation and collaboration to arrive at a level playing ground for the good of all stakeholders, industry and the nation at large.
The IICC Media Retreat is borne out of the need to reinforce the existing relationship between the insurance industry and the media considering the new direction of the insurance industry and provide an effective, efficient and all-inclusive platform for the promotion of insurance education and awareness aimed at settling the insurance profession and the industry on the right path in the long term interest of the stakeholders.

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