President and Chairman of Council, Chartered Insurance Institute of Nigeria (CIIN) Mrs Yetunde Ilori has reiterated the commitment of the institute at fostering a better and more prosperous insurance industry in Nigeria considering the all-important role of insurance to the growth of businesses as well as the protection of insurable assets of individuals, organizations and the nation state at large. She said that the development of technical skills within the insurance industry remains one of the institute’s core values insisting that practitioners must continue to exhibit expertise in areas such as underwriting, claims management and risk assessment.
Mrs Ilori who spoke in her capacity as the 52nd president of CIIN during the institute’s 54th annual general meeting which held Wednesday at the Insures House in Lagos explained that compliance with regulatory requirements and industry standards in customer engagement and relationship management are of great concern to the CIIN hence efforts are continually been made to improve on the technical skills of practitioners who by law must be members of the CIIN.
Mrs Ilori who took over the presidency of the institute last year had chosen “igniting the bedrock of our envisioned industry” as the theme of her regime. The core trust of the theme is encapsulated her EPIC agenda which is explained in Education, Professionalism, Institutional recognition and Capacity building.
“In the same vein, the institute took ownership of setting up the platform for engaging with millions of Nigerian youths, to actualize the Insure Youth NG initiative. This is a large-scale project aimed at empowering Nigerian youths and expanding the insurance sector. This was spearheaded by the Federal Ministry of Youth Development in collaboration with National Insurance Commission (NAICOM), and Sapphital Academy as a technical partner. The project seeks to address youth unemployment while simultaneously improving insurance awareness and penetration across Nigeria”, she explained.
It would be recalled that CIIN last year increased the numerical strength of its members by inducting 165 Associate Members and 18 Fellows. The institute has continued to work with College of Insurance and Financial Management as well as the Lagos Business School in growing the body of insurance professional in the country.
“As part of the critical need to bridge the knowledge gap about insurance, the Institute supported the insurance education in schools in Nigeria including University of Lagos, Lagos State University, Lagos Education Districts 3, 4 and 6. The state chapters of the Institute continued to enjoy support to ensure that development is witnessed across the nation”, Mrs Ilori further stated.
The CIIN president thanked members for their active participation in the institute’s maiden Insurance Week awareness creation exercise which held in Lagos, Port Harcourt, Kano, Abuja and Ibadan simultaneously.
In her report to the general meeting, Registrar of CIIN Mrs Abimbola Tiamiyu had while recommitting to the efforts of CIIN in training fit and proper professionals for the industry said that the institute will continue to maintain what she described as zero tolerance for any form of compromise in its examination processes if only to ensure that the integrity of the examination is not compromised.
Treasurer of the institute Mrs Adetutu Arusiuka who presented the consolidated audit report of CIIN for the accounting year ended December 31, 2024 revealed that CIIN generated total revenue of N1.409 billion as against the N1.038 generated in the corresponding period of 2023 which showed an increase of 36 per cent. Expenditure for the period under review stood at N611.28 million when compared with the N480.87 million which was spent in 2023. This left the CIIN with a surplus fund of N459.76 million as at the end of December 2024 representing an increase of 88 per cent over the N244.68 million surplus recorded in 2023.
One of the high points of the annual general meeting was the election of five members into the institute’s governing council. Those elected are Mr Adeniran Aderinoye, Mrs Adetutu Arusiuka, Mr Bode Opadokun, Mr Ademola Abidogun and Mrs Adeyinka Adekoya.
