Yetunde Ilori
The National Insurance Commission (NAICOM) and the Council of the Chartered Insurance Institute of Nigeria (CIIN) have reached a significant agreement aimed at driving operational efficiency and fostering stronger growth within Nigeria’s insurance industry.
This new initiative was the result of a productive meeting between the Commissioner for Insurance, Olusegun Omosehin, and the CIIN delegation, which was led by its President, Yetunde Ilori. The discussions centered on strategies to increase insurance awareness and address key industry challenges.
During the meeting, Ilori expressed her appreciation for the notable achievements of NAICOM, commending the commission’s leadership in improving the industry’s framework. She also reiterated CIIN’s commitment to collaborating on various initiatives that would further advance the sector.
“We are exploring initiatives like a quiz competition for secondary school students, where prizes will be awarded. This is an opportunity to engage the younger generation and raise awareness about insurance. It’s important to move people in the right direction to improve the environment, while also educating them on the relevance of insurance in their lives,” Ilori stated.
In addition to awareness campaigns, the CIIN President highlighted the Institute’s focus on research, specifically through the College of Insurance and Financial Management (CIFM). She revealed that the College has been mandated to conduct research on the technical needs of the industry to ensure it continues to evolve with global trends and demands.
“When we had our retreat earlier this year, we gave the Rector of the College a clear directive to focus on research that will inform the sector’s future direction. Research is part of our core mandate, and we are prioritizing it. We aim to release our published research to the industry before the end of my tenure,” Ilori added.
Omosehin, for his part, commended the CIIN for its efforts and reinforced his commitment to maintaining a productive and cordial relationship with the Institute.
“We will continue to collaborate closely with the CIIN to ensure the sustainable growth of the insurance sector. The synergy between our two bodies is crucial for the future of Nigeria’s insurance industry,” Omosehin remarked.
The partnership between NAICOM and CIIN marks a promising step toward strengthening Nigeria’s insurance industry, with a focus on education, research, and operational efficiency aimed at driving long-term growth.
