Recapitalization: CIIN boss calls for creativity, hard work

From Edet Udoh, Lagos

President/Chairman of Council, Chartered Insurance Institute of Nigeria (CIIN), Mr. Eddie Efekoha, has said that the ongoing recapitalization in insurance industry in Nigeria is a call to insurance professionals to embrace creativity and hard work; just as he expressed optimism that the industry will benefit from the exercise.

Efekoha who said this at the weekend in his 2020 New Year message to insurance industry stakeholders, also thanked them for their support in the past and solicited for more going forward.

According to him, “recapitalization of insurance and reinsurance companies is no longer an idea but a reality and the industry has to embrace it wholly. Its advent calls for insurance professionals to embrace creativity and work harder than ever before for the future of this industry. It will not be an easy ride and all our resources will be stretched thin, however it is my belief that we will all profit from this exercise.

While commending the National Insurance Commission (NAICOM) for their support for the institute College programmes in 2019, he urged all trade bodies of the industry namely: Nigerian Insurers Association (NIA); Nigeria council of Registered Insurance Brokers (NCRIB); Institute of Loss Adjusters of Nigeria (ILAN) and Association of Registered Insurance Agents of Nigeria (ARIAN) to stay committed to promoting the insurance industry’s agenda, noting that “Together we can achieve so much.”

Efekoha who thanked stakeholders in participating in the industry’s activities during past year, urged operators to embrace professionalism and uphold the Institute’s ethics and values in the course of their business dealings in the year 2020.

Efekoha who is also the Managing Director/CEO, Consolidated Hallmark Insurance Plc, reiterated that the membership of the Institute is one of the major ways to get to the pinnacle of the insurance profession and urged them to pay their dues and levies as at when due.

“You can only be truly identified as a member by promptly paying your dues, levies and participating in the programmes lined up in the Institute’s calendar.

“There are many benefits to be derived from the membership of the Institute including but not limited to access to industry reports and research papers, discounted examination fees, group life benefits ( to the tune of N500,000) and permanent disability benefits (to the tune of N250,000). The Institute remains committed to offering value to its members and I can assure you that more benefits will be unveiled in the nearest future.

“The theme of my Presidency has been focused on Advancing Insurance Education and Professionalism. This is consistent with our mission to provide to provide world class manpower with the highest standard of professional and ethical training for operating effectively and efficiently in the Nigerian and International business environment.

“The Institute is our pride and represents a beacon of light to the insurance industry. It is my hope that as stakeholders, we will continue to lift the Institute higher by actively participating in the its programmes and activities in 2020, thus making the year more successful than the previous,” he added.

He said year 2020 is an important year for the insurance industry, adding it is a year in which they are mandated to put into practice all that they have preached as professionals.

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