Wednesday, June 29 2022

Insurance industry professionals advised industry stakeholders to promote sustainable insurance in the country. The professionals, who gathered at the first edition of the Chartered Insurance Institute of Nigeria (CIIN) Insurance Industry Conference in Lagos, stressed that providing the right tools and approaches to manage the risks associated sustainability that are environmental, social and governance (ESG) is crucial.

The event, themed “Sustainable Insurance – Issues and Trends”, attracted players from different segments of the insurance industry – regulators, insurers, brokers and claims adjusters – who came together to map out the issues and trends in sustainable insurance.

Speaking from the regulator’s perspective, the Head of Information Technology Department of the National Insurance Commission (NAICOM), Abiodun Aribike, said that NAICOM is using IT to drive sustainable insurance in Nigeria.

Aribike said the commission, in partnership with Financial Sector Deepening Africa (FSD) Africa, recently launched the Risk, Resilience and Regulation Lab (R3Lab) in Lagos to support the growth of the industry. He added that the initiative was aimed at mitigating the impact of specific challenges hampering the insurance regulatory environment in Nigeria as well as exploring a way forward.

“The R3Lab offers a three-tiered approach to building technical capacity and regulator skills in innovation and sustainable insurance,” he said.

Also speaking, Head of Retail Solutions, AXA Mansard Insurance, Rashidat Adebisi, highlighted the need for operators to start working on sustainability for the future by shifting their focus from investing in oil towards gas, because the latter is more durable.

“The world is currently moving away from oil. We need to start investing in gas, which is more sustainable and greener. We need to act on sustainable goals because it helps save the environment. I urge everyone here to start and lead the conversations around sustainability goals in their various businesses because sustainability is key,” she said.

Speaking from the broker’s perspective, a representative of Hogg Robinson Nigeria Limited, Saheed Egbeyemi, said opportunities abounded for the sector to exploit and thrive, but the issues of rate cuts and unhealthy competition had to be addressed. resolved. He added that underwriters and brokers need to collaborate more to advance the principles of sustainable insurance.

Former President of the Institute of Loss Adjusters of Nigeria (ILAN), Ralph Opara, said ILAN is doing a lot to improve sustainability as the arm remains the common thread in the insurance value chain.

For her part, the rector of the College of Insurance and Financial Management (CIFM), Dr Yeside Oyetayo, said that ESG risks are now criteria for determining a sustainable business, therefore, risk training and programs must be taken into account in the field of academic course insurance.

Concluding the roundtable, CEO and President of the occasion, Olusegun Omosehin, emphasized that collaborations and innovation are the way forward for the industry when it comes to sustainability.

“There are opportunities for us as underwriters, so we need to transition to green insurance so that we can support businesses and the future of insurance in Nigeria,” he said.

CIIN Chairman, Dr. Muftau Oyegunle said, “The objective of this program, among others, is to bring together all stakeholders from different branches of the insurance industry, discuss the business and how it affects industry operations and chart the way forward for insurance to thrive in the country.

“The theme of this first edition is indeed very relevant and strategic given the times in which we find ourselves. With this theme, we assure you that the engagement and interactions of all stakeholders here present will be done in an enlightening and forward-looking approach.

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