Wednesday, August 15, 2018 16:40 PM / WebTV News
Stakeholders today agreed for the Insurance sector in Nigeria to grow, they must be increased awareness on its value and benefits to the nation.
This was one of the key resolutions of the 44th Centre for Values and Leadership Colloquium in Lagos, which focused on the topic of discourse “The Insurance Industry, National Savings & Financial Market – Reaching For Higher Level Performance”.
The Colloquium was a special event to mark the 84th birthday of Professor Jo Irukwu, SAN Nigeria’s foremost Insurance Law scholar, who contributed immensely to the development of the insurance ecosystem in Nigeria.
In his opening remarks, Professor Pat Utomi the Founder/CEO of CVL said the Leadership Without Title Colloquium, was designed to award, honor, recognize and celebrate great achievers which cuts across every sector in the country.
Utomi shared that it was a platform to showcase pacesetters and change agents who made impact in their various fields of endeavor, that young Nigerians can emulate.
In a panel session, notable financial and insurance experts shared their perspectives on the Insurance Industry and the pathway to repositioning it as a viable sector of the economy.
Mr. Olufemi Awoyemi, CEO of Proshare believed the Industry players should focus on engaging Nigerians on the benefits of insurance, and address the issues of trust and confidence in the areas of insurance claims.
He was of the view that the regulators and operators in the industry, should have a collaborative approach which will drive an enabling environment that will boost the growth of insurance in the country.
The financial analyst stressed the various risks in the country, which covered social, economic and political spheres were opportunities for Insurance companies to provide services to Nigerians.
Mr Johnson Chukwu the CEO of the Cowry Asset Management looking at the low penetration of the Insurance Industry compared to African countries like South Africa, called for enabling policies that will deepen the sector.
Chukwu said policies like compulsory insurance schemes on elements like assets and life,that will aid the growth of the industry.
Sir Ogala Osoka CEO, Score Associates and notable insurance experts harped on the need for increased awareness on the value of insurance in the country. He noted that compulsory insurance was not the major issue, but rather a conscious effort from stakeholders to sensitize Nigerians on the value of having an insurance policy.
The President of the Chartered Insurance Institute of Nigeria, CIIN Mr Eddie Efekoha identified heavy regulation, policy inconsistency, violence in some part of the countries and the issue of claims not being paid on time by some insurance companies.
Mr. Efekoha informed the participants at the 44th CVL that the Nigerian Insurance Industry was mulling “Micro-Insurance” as a way of targeting the Retail sector in the country, which will boost the penetration level that is presently not up to 3%.
In a video that chronicled the strides of Prof Jo Irukwu, SAN the chief celebrant defined insurance as an intangible product and also agreed that there was a need to increase insurance awareness in the country.
According to him “If 5% of Nigeria’s population are individually insured, it will bring a boom to the Insurance Industry”.
Highlights of the event was the presentation of the CVL plaque of excellence to Professor Jo Irukwu, SAN and the cutting of his birthday cake which was witness by eminent personalities.
About Prof. Joseph Ogbonnaya IRUKWU, SAN
Lawyer, educationist, author & chartered insurer, Professor Joseph Ogbonnaya Irukwu, SAN holds the MBA and Ph.D. degrees. He was called to the English Bar in 1962 and enrolled as a Solicitor & Advocate of the Supreme Court of Nigeria the same year.
Over the years, he held key positions in the public and private sectors. He was the pioneer Managing Director/Chief Executive of the highly-successful Nigeria Re-insurance Corporation, in which capacity he served for 12 years. His other roles include:
He also served as Chairman, African Continental Bank PLC and Co-operative & Commerce Bank PLC.
In academia, Professor Joe Irukwu is easily a pioneer in insurance and related studies in Nigeria. His lecture circuits span several African countries, even as he is also an Examiner in many universities. Among others, he is Professor of Insurance Studies at the West African Insurance Institute & Chairman of its Board of Studies as well as Adjunct Professor of Insurance & Insurance Law at Enugu State University of Science & Technology.
An accomplished Author, Professor Joe Irukwu has written thirteen (13) books on various aspects of Insurance, Law and Risk Management; and co-authored the widely-acclaimed International Encyclopaedia of Laws [published for the 1st World Law Conference held in Brussels-Belgium].
He is very active in a number of professional bodies. Among his varied roles are:
Within and outside Nigeria, this eminent educationist and risk manager has been accorded numerous recognitions. Included here are:
Patron of many philanthropic organizations across Africa, he also served as President-General of Ohanaeze Ndigbo the pan-Igbo socio-cultural organization. He is married with children.