The Insurance Industry Consultative Council has said it is working on an advocacy to improve the relevance of the industry in all facets of the nation’s economy.
The President, Chartered Insurance Institute of Nigeria, Mr. Bola Temowo, said this during a press briefing on the maiden insurance industry mega conference coming up next month.
“The IICC has therefore set an agenda to improve the presence of the insurance industry as a holistic entity for the purpose of strategic policy engagement of relevant stakeholders. With this level of advocacy, it is hoped that the industry will be able to follow up matters of collective interest with renewed vigour,” he said.
Temowo said that it was pertinent to upscale the capacity of insurance industry for effective performance and improved contribution to the growth of the Nigerian Gross Domestic Product, which was receiving the coordinated attention of the industry.
He noted that the IICC was chaired by the president of the CIIN and has members from all sectors of the industry such as CIIN, Nigerian Insurers Association, Nigerian Council of Registered Insurance Brokers and Institute of Loss Adjusters of Nigeria.
Temowo said, “The IICC was established to act as the unifying voice of the insurance industry, representing the industry on national issues affecting the insurance industry; to be a clearing house for information about the insurance industry; act as an interfacing body between the industry and other parties as well as overseeing the resolution of intra and inter sectorial conflicts.”
According to him, insurance should be the catalyst for economic growth as obtainable in other climes but regretted that this has not been the case in the country.
He said many reasons had been adduced for this impeded growth, such as the seeming lack of cohesion amongst all the industry operators.
Temowo said the industry had realised that no tangible development could be achieved when all the operators disagreed among one another, adding that the IICC was concerned and had been working to improve the situation.
Insurance, he said, should be made the cornerstone of the nation’s economic vision by the present administration, bearing in mind that risk management/ mitigation remains the fulcrum of enduring economic growth.