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Oshiomole and the Insurance Industry

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Edo State Governor, Comrade , Adams Oshiomhole has joined his voice in urging the insurance industry to work on insurance awareness and promotion of insurance benefits as a way of penetrating the Nigerian economy. The comrade governor gave this charge while receiving insurance brokers in his state at their last retreat which took place in Edo. The governor also promised the insurers that the state government will engage insurance brokers in the insurance and risk protection of its human and material assets.

This coming from a person of Governor Oshiomole deserves lots of attention as the comrade governor was noted to work in the textile industry and if he is also joining people calling for promotion of insurance, then it is clear that the insurance industry has to do more.

The governor told the Nigerian Council of Registered Insurance Brokers when it held its chief executive officers’ retreat in Benin City, Edo State that most of what government comes up to for people especially in the areas of compensation could traditionally be held by the insurers if the people are well informed of the benefits of insurance.

The governor, who was represented by the Commissioner for Finance, John Inegbedion, said that poor awareness about the value of insurance had militated against the engagement of insurance by government in the past, noting that the trend would change forthwith.

He implored the NCRIB and the entire insurance industry to accelerate the tempo of public awareness and engagement of all sectors of the Nigerian economy as obtainable in developed countries of the world.

Oshiomhole applauded the efforts of the NCRIB in widening the horizon of the insurance awareness in the country through its various outlets.

He urged other players in the industry to emulate this approach in order to grow the industry.

The President, NCRIB, Mr. Ayodapo Shoderu, implored government institutions to patronise the insurance industry as a step towards protecting their assets.

He used the occasion to advise President Muhammadu Buhari to give premium attention to risk protection as the basis for wealth creation.

“If given adequate support as in other climes, the insurance industry in Nigeria has the capability of creating no fewer than 5,000 jobs on a yearly basis; by so doing, reducing unemployment and accelerating national economic growth,” Shoderu said.

The NCRIB president disclosed that the yearly CEOs’ retreat of the council was being held to sharpen the skills of members and create an avenue for interaction among its members.

Also the Secretary to Edo State Government, Professor Julius Ihonvbere, noted that the burden created by flood and other related disasters should not be the responsibility of government, if the acquisition of insurance policies had been properly embedded in the minds of the people.

While lamenting the poor awareness of insurance and its benefits among the grass roots, the government functionary underlined the strategic place of insurance in modern society.

Going forward, the insurance industry should eradicate the notion of conservatism and imbibe the idea of public awareness above the usual little attention that is paid to it. The degree that an industry is known goes along with its penetration into the larger society.

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