The Nation Newspaper

Tag: CIIN

  • New Insurance Act will promote equity, says CIIN President

    New Insurance Act will promote equity, says CIIN President

    The Chartered  Insurance Institute of Nigeria (CIIN) has said the newly signed National Insurance Industry Reform Act 2025 (NIIRA 2025) would promote equity in the sector, benefiting both policyholders and operators.

    National President, Chartered  Insurance Institute of Nigeria (CIIN) , Mrs Yetunde Ilori, told the News Agency of Nigeria (NAN) on Sunday that the Act, signed into law by President Bola Tinubu last Tuesday was designed to strengthen the industry, enhance capital generation, and enable insurance firms to meet their obligations more effectively.

    Ilori dismissed suggestions that the law tilts in favour of policyholders, stressing that it was crafted to balance the interests of all stakeholders.

    “To have a replacement of a law after 22 years is good news. The entire industry participated in shaping its content, which demonstrates effective collaboration between the Senate and the House of Representatives.

    Read Also: CIIN praises Continental Re for N62m donation to facility

    “We appreciate President Tinubu for assenting to it. The law is not designed to favour some people over others but to promote equity.

    “It will consolidate and strengthen existing companies, ensuring more capital is generated and deployed appropriately.

    “No law is perfect, but as we begin implementation, if we notice any imperfections, we can always seek amendments in specific sections,” she said.

    Describing NIIRA 2025 as a product of industry-wide input, Ilori noted that stakeholders from across all arms of the insurance sector contributed to its provisions.

    She urged the National Insurance Commission (NAICOM) to begin with swift implementation and advised operators yet to meet the Act’s requirements to take advantage of the available time to comply.

    “This Act is a win-win for everyone in the industry,” she added.

  • CIIN to host Insurance Week on awareness, education

    CIIN to host Insurance Week on awareness, education

    The Chartered Insurance Institute of Nigeria (CIIN) is set to kick off its Insurance Week themed: ‘Insurance for All: Securing Nigeria Future’ on June 28 in Lagos.

    At a virtual meeting at the weekend, CIIN President, Mrs. Yetunde Ilori, said the week would start with a walk, from NEM Insurance Plc Head office, at Obanikoro and terminate at the National Stadium, Surulere.

    The opening ceremony is billed for June 30 at Nigerian insurers Association (NIA) Hall in Victoria Island, followed by a campaign on July 1, at selected secondary schools and Micro Small and Medium Enterprises MSMEs), adding that the following day, there would be an outreach at Sabo Market, Oyingbo Market, Bariga Market, Shoprite and Spar.

    Other events are a Hackathon contest at the College of Insurance and Financial Management (CIFM) in Asese, Ogun State on July 3 and the grand finale on July 4, in Alagomeji, Yaba.

    The celebrations, she pointed out,  would also be held in Ibadan; Abuja; Port Harcourt and Kano.

    Read Also: Reps probe ₦1.12tr anchor borrowers fund, demand accountability from NIRSAL, BOI

    Chairman of the Insurance Week Organising Committee, Eddie Efekoha, implored stakeholders in the industry to support the initiative that is aimed at growing insurance.

    Chairman, Corporate Affairs Managers of Nigeria Insurance Association (CAMCONIA), Segun Bankole, called on his colleagues to be involved in the Week.

    He made this plea at the monthly meeting of the Corporate Affairs Managers of the Nigerian Insurance industry.

    He said the Week will be a platform for the industry to showcase their importance.

     “The insurance Week will provide the various brands in the Nigerian insurance industry to put on display their various offerings and the value they can create for their customers in any part of the country. It is an opportunity to flaunt their brands in a very unique, competitive and cooperative manner while engendering the growth of the insurance industry in the country and possibly, beyond,” he added.

  • Recapitalisation, inflation, others will top operators’ challenges, says CIIN chief

    Recapitalisation, inflation, others will top operators’ challenges, says CIIN chief

    The recapitalisation in the industry that would be enforced once the Insurance Reform Bill is passed into law will present further challenges for operators in the year.

    Besides, inflation, excruciating exchange rate, rising unemployment and other ravenous economic conditions affected the insurance business last year and would continue in this year.

    These were the words of the President, Chartered Insurance Institute of Nigeria (CIIN), Mrs. Yetunde Ilori, in her New Year Message to members of CIIN.

    She stated that the industry operated under very harsh economic conditions in 2024 despite the industry’s achievements.

    Ilori said while wished she could promise that things would get better, various objective sources have projected that greater challenges lie ahead.

    She said: “Our nation is in dire straits, with intimidating inflation that seeks to impoverish all, excruciating exchange rate, rising unemployment, and other ravenous economic conditions directly affecting the insurance business. Similarly, the proposed tax reform, solvency control and intervention framework as well as the inevitable recapitalisation that would be enforced once the insurance reform bill is passed into law present further challenges.

    “Nonetheless, it is pertinent to note that this situation, as grave as it appears, also presents great opportunities to reposition our industry. But change will not come by accident, we have to collectively make a difference as professionals. We must re-orient ourselves and push the boundaries of creativity, innovation, customer satisfaction, service excellence and ethics while leveraging on technology, and promoting inclusive insurance practices.

    Read Also: CIIN pushes for sector’s transformation agenda through technology, others

    “Let me assure you that the Institute with the mandate to build professionals will support the industry with the resources, knowledge, and networks needed to build an agile and resilient industry that would successfully navigate the realities of the moment.”

    She stressed that since her assumption of duty, efforts had been directed towards the realisation of the theme of her tenure which is: “Igniting the Bedrock of Our Envisioned Industry” under the EPIC (Education, Professionalism, Institutional Recognition and Capacity Building) agenda.

    “In the year that just ended, we achieved significant strides in promoting insurance awareness, enhancing professional development and fostering industry collaboration. We also navigated evolving market conditions, embraced technological advancements, and strengthened our commitment to the industry. I am proud of what we have accomplished together.

    “Specifically, in 2024, the institute organised its traditional programmes and achieved the domestication of course books with the focus on the Nigerian insurance market; held council elections of new principal officers and of the institute; established the Disciplinary Committee in line with the CIIN Act of 1993; appointed a Council Member as the Commissioner for Insurance; beautified and gave facelift to the institute’s secretariat; contributed to the Nigeria Insurance Industry Reform Bill 2024; commenced the education of a million youths about insurance; and digitalisation of some institute’s and College of Insurance and Financial Management training programmes,” she added.

    Mrs Ilori, however, noted that this year’s activities of the institute would include the introduction of some initiatives designed to enhance professional development, increase insurance literacy, and, ultimately, strengthen our industry.

    “They are Insurance Industry Week, capacity building for members, recommencement of CIIN Victoria Island building project and recognition of Insurance institutions.

    “The Insurance Industry Week is aimed at increasing insurance education and literacy across all segments and demographics of the country. It is expected to host several awareness programmes and recognition of outstanding performances while incorporating some traditional programs of the institute.

    “Capacity building for members, on the other hand, would be through our educational programmes within e-community, and increasing the membership of the institute while recommencement of CIIN Victoria Island Building Project will continue with the intention of constructing a modern and befitting edifice for the industry.

    “Also, the recognition of insurance institutions would be by identifying and presenting awards to insurance institutions that promote professionalism and good ethical behaviours in their business conducts,” she added.

  • CIIN praises Continental Re for N62m donation to facility

    CIIN praises Continental Re for N62m donation to facility

    Continental Reinsurance Plc has donated N62 million towards the establishment of an Information Communication Technology (ICT) facility at the College of Insurance & Financial Management (CIFM), the Chairman, and Governing Council of the Chartered Insurance Institute of Nigeria (CIIN), Mr. Jide Orimolade has said.

    Orimolade, who also serves as the institute’s Deputy President, expressed appreciation commending the Continental Reinsurance during a cheque presentation at its office.

    Describing the initiative as transformative, Orimolade praised Continental Re’s commitment to capacity development.

    He said: “The value we see in Continental Re is something very close to our hearts. Strengthening the skill set within the industry is crucial, and this support represents a significant step toward achieving that goal.

    Read Also: Nigeria must sustain investments, break barriers to meet global TB targets — First Lady

    “When the industry recognises the College of Insurance as a hub for producing skilled professionals, it will enhance its reputation as a source of qualified talent to fill critical roles. This initiative is indeed commendable. We appreciate the reinsurer for its outstanding contributions to capacity development in the sector.”

    Group Managing Director, Continental Re, Mr. Lawrence Nazare, reiterated the company’s commitment to fostering growth among its partners.

    He explained that the initiative aligns with Continental Re’s strategy to promote excellence and sustainability in Africa.

    President of CIIN, Mrs. Yetunde Ilori assured stakeholders of effective management of the donated resources. “With a capable Rector in place, you can be confident that the resources will be properly utilised,’’ she added.

  • CIIN pushes for sector’s transformation agenda through technology, others

    CIIN pushes for sector’s transformation agenda through technology, others

    The Chartered Insurance Institute of Nigeria (CIIN) has challenged its professionals to transform the sector through technology, customer-centricity and emerging risk strategies. 

    The President, CIIN, Mrs. Yetunde Ilori, stated this while delivering an address at the institute’s Professionals’ Forum in Abeokuta, the Ogun State capital.

    Speaking on the theme of the forum, “The insurance industry: Transformation strategies towards expanding market reach,” she said the institute recognises that the global landscape of insurance was shifting rapidly, driven by advances in technology, changing customer expectations, and emerging risks.

    The question before them, she said, was not just how they respond to these changes, but how they harness them to expand their market reach, deliver greater value and ensure sustainable growth for our industry.

    Read Also: Nigeria’s money-making practices

    She said: “The theme aligns with that of my Presidency, “Igniting the bedrock of our envisioned industry”. Insurance has always been about providing protection and security to individuals, families and businesses and as we move further into the digital age, traditional methods are being challenged with emerging new avenues for innovation.

    “To stay competitive, we must adopt transformation strategies that not only allow us to survive but also to thrive in this dynamic environment”.

    On transformation in Insurance, she said: “Today, the insurance sector faces an unprecedented opportunity to reinvent itself. Through digital transformation, we can offer personalised, seamless experiences for our customers, simplify our operations and create innovative products that address the changing risk landscape. Our industry is being reshaped whether through AI-driven underwriting, blockchain in claims management, or new models like on-demand insurance.

    “However, transformation is not only about technology. It is about creating a customer-centric mindset that focuses on building trust, offering transparency, and fostering long-term relationships. Expanding our market reach involves understanding the evolving needs of our customers, reaching underserved segments and providing solutions that speak to their concerns.

    “One of the pillars of my EPIC agenda is professionalism, as professionals in this field, we must be disciplined. Trust is pertinent in a customer-centric atmosphere, run a business where your clients can beat their chest for you when it is time to settle claims.

    Our greatest advert is prompt claims settlement, transformation should begin here.”

    Ilori prompted the professionals that the key strategies for market expansion are Adoption of digital technologies, Enhancing financial inclusion; Regulatory innovation; and Talent and culture transformation.

    She noted that the journey ahead is exciting and challenging, but it is also filled with opportunities for those willing to transform, adapt and lead.

  • WAPIC MD elected into CIIN Council

    Wapic Insurance Plc Managing Director Mrs Adeyinka Adekoya has been elected a Council member of the Chartered Insurance Institute of Nigeria (CIIN).

    The election and inauguration held during the just-concluded CIIN Annual General Meeting in Lagos.

    Read Also: Nigeria’s insurance capital requirement fair, says Ghana Commissioner

    Mrs Adekoya served in two CIIN committees for Education and Accreditation as well as the committee of the inaugural Mega Conference.

  • CIIN marks 60th anniversary

    The Chartered Insurance Institute of Nigeria (CIIN is set to commemorate its 60th  anniversary with a list  of activities to acknowledge its contribution to the development of manpower in the country.

    The anniversary celebration is billed to run between August 2 and 8.

    In a statement, it said the anniversary which has Diamond Legacies, Driving Growth, as theme is to acknowledge the institute’s commitment to its duty as the rallying point for insurance professionals in the country.

    “To celebrate the milestone, the institute has lined up activities which will kick off with a Jumat and Church service. Other highlights of the anniversary celebration would include, a charity event and a public lecture.

    “The week-long activities will come to a climax with a gala night and the launch of the institute’s compendium chronicling the landmarks of CIIN in the last 60 years. The institute enjoined stakeholders to take part in the celebrations.

    “The Chartered Insurance Institute of Nigeria was established in 1959 and charged with the responsibility of determining the standards of knowledge and skills to be attained by persons seeking to become Insurance professionals in Nigeria.

    ‘’The institute became Chartered vide Decree (Now Act) No 22 of the Federal Republic of Nigeria and has served as a significant platform for the growth of the insurance industry in Nigeria over the years,” the statement read.

     

  • CIIN to change syllabus

    The Chartered Insurance Institute of Nigeria (CIIN) will start a new professional examination syllabus in October 2021.

    The Chairman, Officers Representatives Committee (ORC) of the institute, Karieren Pius, made this known during at the committee’s monthly meeting held in Lagos.

    Pius said the ORC is a committee of the institute, which comprises of representatives from the arms of the industry, underwriters, brokers, loss adjusters and re-insurers. Their job is to communicate back to their various companies programmes of the institute.

    Addressing the members at the meeting, he said the Governing Council of the institute considered the review of the syllabus to ensure that the institute remained consistent in producing professionals that could stand the test of time.

    He called on workers in the industry who are yet to complete their qualification courses to work hard to do so before the new syllabus will be unveiled.

     

     

  • CIIN seeks insurance inclusion in Delta secondary schools

    The Chartered Insurance Institute of Nigeria (CIIN) has solicited the support of the Delta State Government for insurance to be included in secondary schools in the state.

    Its President, Mr. Eddie Efekoha, made the appeal when he led a delegation of the CIIN and the Insurance Industry Consultative Council (IICC) on a courtesy visit to the office of the Governor of Delta State, Senator Ifeanyi Okowa.

    He urged the governor to also help solicit support for the creation of faculties of insurance in state-owned tertiary institutions.

    A statement by the CIIN disclosed that the delegation, which was received by the Secretary to the State Government (SSG), Hon. Ovie Agas, solicited support from the state in helping to promote the industry agenda.

    The statement read: “Efekoha assured the Secretary to the State Government that CIIN and the IICC would equally play an active role in executing these projects. During the visit of the delegation, 500 textbooks entitled, Insurance for Senior Secondary Schools, were donated to the state government for onward distribution to secondary schools in the state.

    “The donation of the books represents a major stride and serves as a landmark in the institute’s quest to groom a new generation of industry leaders. Copies of the textbooks have previously been presented by the institute to the Lagos, Oyo, Ogun, Kwara, Edo, Ondo, Rivers, Imo, Osun, Enugu, Ekiti, Kaduna and Kano State Ministries of Education as well as the FCT, while similar presentations have equally been slated for other states in the Federation.

    “All of these are part of our articulated efforts at expanding the capacity of institutions offering insurance programmes thereby guiding them to deliver superior and qualitative insurance education. The promotion of insurance education is not only a key to unlocking the huge potentials of our industry but also a means of opening the doors to the younger generation who represent the insurance practitioners of tomorrow,” he said.

    Hon Agas, who represented Governor Okowa, expressed delight at the gesture from the institute.

    He thanked the CIIN and the IICC for considering Delta worthy place to carry out its insurance awareness.

    He promised the delegation that the message would be taken back to the governor and he was sure that the delegation’s requests would be given serious consideration.

  • CIIN chief urges members to uphold ethics, values

    Chartered Insurance Institute of Nigeria (CIIN) members must embrace ethics of their profession and best practices in their business dealings this year, the President, Eddie Efekoha, has said.

    Efekoha, in his New Year’s message to CIIN members, urged them to uphold the institute’s ethics and values

    He stated that the year might throw up a lot of challenges as it is an election year, noting that this notwithstanding,it  promises to be a lot of risk elements for insurance outfits to take advantage of.

    He advised members to seize the initiative and explore and exploit all areas of business generation that the year will present in various forms.

    He added that creativity must come to the fore in offering products and services to their target audience.

    He said: “The institute belongs to all of us who wear the identity of insurance professionals. It is my hope that as stakeholders, we will continue to lift the institute higher by actively participating to make its programmes and activities in 2019 more successful than the previous year.

    “We have entered a new year, 2019, that is so special to the institute. In 2019, the institute will be 60. It is a year of reflection on the institute’s journey through the years and its evolution as the premier professional body in Nigeria.  As a body, we are committed to the growth of the insurance industry and will not relent in our contribution to promote the industry agenda.

    “As you will recall, the theme of my Presidency is focused on: Advancing Insurance Education and Professionalism.’’