Insurers push for relevance in national budgeting

The nation’s insurance industry is pushing for relevance in the national economy, and so has decided to constitute formidable industry team charged with developing inputs on a yearly basis into the national budget.
Stakeholders believe that this has become necessary to increase its acceptability and align with Federal Government for growth and development.

The Chartered Insurance Institute of Nigeria (CIIN) noted that this is expected to be the insurance voice on the fiscal and economic policies of government which has not been heard for a very long time, adding that the body will be like the bankers committee of the banking industry.

Speaking with journalists in Ibadan at the weekend, Wole Adetimehin, CIIN president, said there would be an annual forum to discuss and analyse the budget with a view to bringing to the front burner the opportunities for economic growth and in particular, the expectation from the insurance sector.

Adetimehin, who said the theme of his presidency is “Repositioning the Insurance Profession,” disclosed that he would channel his energy in promoting the relevance of insurance profession and practitioners.

He stated: “No doubt, the insurance profession is not immune from the vagaries of economic and political challenges in Nigeria and the harsh business environment that has become a big threat to business and professionals. Going by the current developments, it is high time all practitioners rise to this common challenge by charting a common destiny.”

He added that the programme of repositioning the industry would include Initiating Insurance and Governmental Relations Programme (IGRP). This will adequately promote insurance awareness among the three tiers of government in the country.

The institute will also promote the establishment of a forum, “Insurance Industry Forum (IIF)”, said Adetimehin. “This body will be solely charged to promote to promote industry unified goals, inter government regulatory understanding and development and will be under the commissioner for insurance, while membership will encompass all the various arms of the industry.

“In the banking industry, before decisions become policies, the Bankers Committee will deliberate on them and come to a common agreement. Therefore, we want to initiate such a process in the insurance industry so that we present a common front in economic issues.

“One is not being unmindful of various bodies in the insurance industry. However, this is one of the factors militating against our having due recognition with the Federal Government.”

He said he is optimistic that the assembly of all stakeholders in the insurance industry will leverage on how to penetrate government coffers.

“I believe it is achievable in the insurance industry. This is not a time for rivalry. Rather, the only way to eradicate rancour, rivalry in this sector is to form this team. When all stakeholders are together, no arm of the industry will be shortchanged because it has affected us for too long,” he noted.