Poverty responsible for low insurance penetration – IICC Chairman

Mr Edwin Igbiti, Chairman, Insurance Industry Consultative Council (IICC) on Saturday said poverty was one of the major factors responsible for low insurance penetration in Nigeria.

Igbiti, also President/Chairman in Council, Chartered Insurance Institute of Nigeria (CIIN), said this at the IICC 2022 Media Retreat held in Ijebu-Ode, Ogun, with the theme: “Media As Catalyst For Insurance Inclusion.”

“A person who cannot afford to eat or afford other basic necessities, can’t buy insurance,” Igbiti said.

According to him, though there have been an improvement in terms of numbers, but considering the nation’s population and demography, insurance penetration in Nigeria is still very low.

The IICC chairman called on the media to support the industry’s growth agenda by projecting its activities in their reports to further deepen insurance penetration and grow the economy.

“The crucial role the media plays in the economy and society at large cannot be over emphasised. Indeed, the media is a veritable authority for agenda setting, public education, sensitisation and awareness creation.

“Hence, the need to continually carry the media along with the various initiatives and developments in the industry for good coverage and projection.

“You will agree with me that there has been growth in the industry despite the numerous economic recessions, the effects of the COVID-19 and the #ENDSARS protests, which resulted into millions of claims,” he said.

He added that the insurance industry had stood as one of the most resilient and fast expanding sectors in the nation’s economy.

“As the industry witnesses expansion, we equally need you the media to keep promoting these achievements for the good of the common goal of the industry,” Igbiti said.

He said the IICC was established to enhance the profile of the industry and boost its contribution to the nation’s economic growth.

Igbiti stated the objectives of IICC to include:  acting as an industry voice for national matters, a platform for intra industry conflict resolution, promotion of the industry’s image and growth agenda, among others.

He explained that the retreat was organised annually by IICC to serve as a platform to engage and recognise the contributions and key roles the media had been playing as an instrument for awareness creation and education for insurance in Nigeria.

Present at the retreat were representatives of various organisations including: Mrs Yetunde Ilori, Director-General, Nigerian Insurers Association (NIA), Mr Tunde Oguntade, Deputy President, Nigerian Council of Registered Insurance Brokers (NCRIB).

Others are: Mr Dipo Olanrewaju, President, Institute of Loss Adjusters of Nigeria (ILAN), Mrs Abimbola Tiamiyu, Director-General, CIIN, Mr Tope Adaramola, Executive Secretary/CEO, NCRIB, Mr Tope Adaramola, among others.

The IICC was inaugurated in 2013, to among other objectives, act as the unifying voice of the insurance industry, representing it on national issues affecting the industry, to serve the best interest of the industry and provide lasting solutions to challenging issues within the insurance sector.