IICC Trains Government Agencies, Other Stakeholders on Successful Implementation Of Compulsory Insurance

Chairman, IICC Mr. Edwin Igbiti giving his welcome address at the event.

The Insurance Industry Consultative Council (IICC) has trained individuals and insurance executives of Government Ministries, Departments and Agencies (MDAs) on how to handle the issues of insurance of lives and properties in their respective States and Ministries in order to ensure successful implementation of Compulsory Insurance in Nigeria.

Speaking at the one day training workshop tagged “Training On Compulsory Insurance” which took place on Thursday, November 10, 2022, at Benin City, Edo State, the Chairman of IICC, Mr Edwin Igbiti, explained the rationale behind the training.

According to him, this “training was organised; to educate us on the mandatory insurance policies, the benefits therein so that you can embrace them.”

He said the IICC training “is an annual event and the Corporate Social Responsibility of the IICC where government and other stakeholders gather to learn and share ideas for successful implementation of compulsory insurance of lives and properties in their respective States and Ministries.”

Discussions at the training, according to Mr. Igbiti, centered amongst others on Introduction to Principle of Insurance; Liability/Compulsory Insurance; Assessment and Rating of Compulsory Insurances as well as Insurance Claims Administration.

On the Values and benefits of insurance, the IICC Chairman who is also the Chairman in Council, Chartered Insurance Institute of Nigeria (CIIN) said “insurance is a global entity and it values and benefits are numerous to the existence of mankind. Through its benefits, it offers income, life and property protection to the insured and their needs, as well as income accumulation that can be used at retirement to help preserve the desired lifestyle of anyone.

L-R: Immediate past Chairman IICC, Sir (Dr.) Muftau Oyegunle, Rector, CIFM, Dr. (Mrs.) Yeside Oyetayo, President, ILAN, Mr. Diipo Olanrewaju, Secretary, IICC, Mrs. Abimbola Tiamiyu, Chairman, IICC Mr. Edwin Igbiti, Honourable Commissioner of Finance, Edo State, Mr. Joseph Eboigbe representing the Governor of Edo State, His Excellency, Mr. Godwin Obaseki, Vice President NCRIB, Mrs. Ekeoma Ezeibe, Past President CIIN, Mr. Sunny Adeda and Mr. Stephen Ovonlen at the event.

“Insurance stimulates business activities to operate in a cost-effective manner, by managing risks associated with business operations. The insurance sector safeguards the assets of its policyholders by transferring risks from an individual or business to an insurance company.”

While describing flooding as a major risk bedeviling the country, Mr Igbiti Sympathized with all the flood victims across the country just as he assured them that “insurance companies will play their expected roles in ameliorating the effect of the losses and damages done promptly.as I know they are currently warming up to process huge claims from recent floods that ravaged some states.

“This again, avails us the opportunity to resonate the benefits of insurance to Nigerians. It is for times like these that we embrace insurance so as to have adequate compensation of losses incurred,” he added.

The member bodies of IICC include the National Insurance Commission (NAICOM), Chartered Insurance Institute of Nigeria (CIIN), Nigerian Insurers Association (NIA), Nigerian Council of Registered Insurance Brokers (NCRIB) and Institute of Loss Adjusters of Nigeria (ILAN).

The IICC was inaugurated in 2013 to act as the unifying voice of the insurance industry, representing it on national issues affecting the insurance industry, taking up and assuming other roles that would serve the best interest of the industry in Nigeria and providing lasting solutions to challenging issues within the insurance sector.

L-R: Rector, College of Insurance and Financial Management (CIFM), Dr. (Mrs.) Yeside Oyetayo, Honourable Commissioner of Finance, Edo State, Mr. Joseph Eboigbe representing the Governor of Edo State, His Excellency, Mr. Godwin Obaseki, Chairman, IICC Mr. Edwin Igbiti and Secretary, IICC, Mrs. Abimbola Tiamiyu.