The Chartered Insurance Institute of Nigeria (CIIN) in its bid to foster insurance penetration to increase insurance density in Nigeria, organised the Year 2023 edition of the Insurance Industry Parley. The event which was held at the Oriental Hotel, Lagos hosted insurance practitioners from all arms of the industry; Insurance regulators, Underwriters, Brokers and Loss Adjusters. Also in attendance is the Director-General, Lagos State Consumer Protection Agency (LASCOPA), Mr. Afolabi Solebo Esq.

The CIIN President/Chairman of Council, Mr. Edwin Igbiti while welcoming participants to the event noted that financial inclusion and insurance penetration play a crucial role in promoting economic growth and stability. Nigeria, being the largest economy in Africa, has immense potential to increase access to insurance services for its citizens.

Her further explained the programme is an avenue for insurance leaders, policymakers, and stakeholders to come together and discuss strategies to enhance financial inclusion and insurance penetration in Nigeria. In his words “We have an opportunity to identify potential barriers, share best practices, and explore innovative solutions across the insurance sector”.

The Chairman of the Institute Education Committee who also doubles as the Managing Director, Old Mutual Nigeria Life Assurance Plc. Mr. Segun Omosehin in his opening remarks charged insurance practitioners to exhibit prowess in their day-day business transactions with the use of technology. He said “As the advancements of the digital era continue to shape our world, the insurance industry finds itself at a significant crossroad. This is a time of immense challenges, but it is also a time of unprecedented opportunities”.

On her part, the guest speaker at the event, Mrs. Funmi Omo, the Managing Director, Enterprise Life Insurance Plc. Noted that the insurance industry must reach out to the financially excluded for a more deepened insurance penetration, the likes of the unemployed, elderly people, small scall business owners, agricultural sector (farmers), children, illiterates, people with employment in an unorganized setting amongst others. She further advised that insurance transactions should be more seamless and customer friendly so as to have more Nigerian buy into insurance business.

Other discussants at the event include, Dr. Olufemi Abass, Head, Department of Insurance, Lagos State University, Ojo, Mr. Witness Godwin-Usoro and the panel moderator, Mr. Kunle Ahmed.