The Nation Newspaper

Tag: CIIN

  • ‘Kidnapping, terrorism insurance not possible now’

    The inclusion of kidnapping and terrorism insurance products, may not be possible at the moment, a former President of the Chartered Insurance Institute of Nigeria (CIIN), Sunny Adeda, has said.

    Adeda, who disclosed this in Lagos at the Almond Production Limited’s maiden Insurance Consumers’ Forum, said development of insurance products on kidnapping and terrorism was not possible in the short-run, but may be possible in the future, adding that these forms of insurance pose a major challenge for the industry.

    He said: “Kidnapping and terrorism are challenges, which the industry may tackle in the long-run, as the duo are taking new dimensions every day. The difficulty in providing insurance products on kidnapping and terrorism is due to inability to put statistics on kidnapping and terrorism together, to have an appropriate pricing to be paid as premium.

    “May be the industry can start working with the police and law enforcement agents to get statistics on kidnapping and terrorism before they can put any policy together,” he said.

    He said this could only be possible in the long-run as the challenges would not be easy to overcome in the short-run in the absence of statistics.

  • CIIN holds maiden Ramadan Tafsir

    The Chartered Insurance Institute of Nigeria (CIIN) has initiated a yearly Ramadan Tafsir to capture the Ramadan mood for Islamic faithful in the insurance industry.

    Managing Director, Staco Insurance Plc and CIIN’s Committee Chairman, Mr Shakiru Oyefeso, said the Tafsir was long overdue.

    He said the members of the institute, even the non-Muslims will have a lot to gain from the Tafsir lectures to be delivered by notable Islamic clerics.

    The lecture will hold on July 18, at Alausa, Ikeja in Lagos. The theme is: Tolerance and Inter – relationship.

    He added that the choice could not be better, stating that it is time, more than ever, to preach religious tolerance and co – existence in the light of the sad experiences at the stage of our Nationhood.

    CIIN’S Deputy Director-General, Kola Ahmed, assured that the Tasfsir will be a huge success.

    Ahmed also said dignitaries, who have been invited to the Tafsir, will be hosted by the CIIN President Mr Fatai Kayode Lawal.

    The lectures will be delivered by clerics, which include Dr. Saheed Timehin of the Lagos State University (LASU) and Dr. Junaid Sirajudeen of the University of Lagos (UNILAG).

  • CIIN to enhance national transformation

    The Chartered Insurance Institute of Nigeria (CIIN) has resolved to contribute to ongoing national transformation process as it engenders far reaching implications for the insurance sector, especially in gaping business opportunities and the need to design policy packages that could take care of the emerging risk exposures.

    The Director-General of the institute, Mr Adegboyega Adepegba, has said.

    He said this was the resolution of insurance practitioners following deliberations on issues thrown up by the institute’s conference in Lagos where an eight-point communiqué was issued.

    He said members also acknowledged the fact that the CIIN needs to explore platforms for bringing the professionals in governance into the fold with a view to tapping from their exposures in the resolution of some key issues burdening the business and practice of risk bearing.

    He added that the industry is facing serious challenges from the less than optimal financial literacy in the country and to this effect, the industry needs to put the necessary machinery in place for up-scaling its on-going awareness creation.

    The insurers, he said, acknowledged that modern insurance is highly technology-driven, necessitating the need for insurance institutions to deploy cutting-edge technology in order to square up with the growing trends engendered by the national transformation process across all sectors of the economy.

    Also, he said the industry should promote fruitful partnership with other relevant bodies and agencies in order to create beneficial synergies in business promotion and should take a sterner look at the issue of corporate and individual practitioners’ market discipline by putting in place a disciplinary system that is compatible.

    “Operators need to take human capital development more seriously with a view to entrenching an enduring succession plan while it stands in the vanguard of promoting medium and small scale enterprises in line with the transformation agenda of the Federal Government,” said Adepegba.

  • Fatai Lawal is CIIN President

    Fatai Lawal is CIIN President

    THE Chartered Insurance Institute of Nigeria (CIIN) will on Friday swear in Mr Fatai Kayode Lawal as its President and Chairman of Council.

    Lawal, who is also the Managing Director of Sterling Assurance Limited, will become the 45th President of the 54-year-old institute.

    Chairman, CIIN Presidential Investiture Committee, Adeyemo Adejumo, who announced the preparations for the event in Lagos, said: “The focus of the incoming president will begin from where the outgoing president has stopped; that is to improve on the level of education for the insurance industry in Nigeria, strengthen the examination system for measuring skills. We have mapped out strategies where we can take this education not only within the industry but all over the country to the higher institutions, secondary and primary schools.’’

    He said they would enlighten every Nigerian on the benefits of insurance, noting that this, among others, would be the principal focus for the industry.

    Outgoing President, Dr Wole Adetimehin, in his farewell address, said the lofty goals set on assumption of his Presidency in June, 2011 have been substantially fulfilled.

    He said the College of Insurance and Financial Management is almost completed and that it would move to its permanent site in the next few months.

    He said: ”Lofty goals set on assumption of this Presidency have been substantially fulfilled. These were hinged on the theme, “Repositioning the insurance profession”, and included, strengthening the relevance of insurance profession in Nigeria, enhancing the quality of insurance education in Nigeria, recognition of excellence in insurance awareness and public enlightenment.

    “The first significant step taken by the governing council in this direction was the constitution of a formidable industry team which, examined the issues related to the national budget and arrived at useful decisions, which brought to the fore the opportunities for economic growth and, in particular, the expectations from the insurance sector.’’

    He added: “We have also continually canvassed the need for a genuine national consciousness on the efficacy of insurance, especially with the spate of insecurity and the wanton destruction of lives and property as a result of growing insurgency as well as natural disasters such as floods and storms.’’

    As the industry’s educational arm, we have also initiated suitable and relevant training programmes aimed at equipping practitioners with the necessary tools for underwriting the emerging risk exposures such as kidnapping and terrorism. We are also gearing up at promoting the development of pool formations, which can contain these catastrophic risks and guarantee greater confidence from the insuring public’”

    Lawal joined the governing council in 2001. Born on October 6, 1960, he is a Fellow of the institute.

    Mr Akintola Williams, a chartered accountant will be the chairman while special guests of honors are Abdulfatah Ahmed, Governor of Kwara State; Babatunde Raji Fashola, Governor of Lagos State, and Oba Rilwan Akiolu, Oba of Lagos.

  • CIIN takes insurance to schools

    Determined to continue with its efforts to encourage and ensure insurance awareness and penetration, the Chartered Insurance Institute of Nigeria (CIIN), the education arm of the industry in the country, in collaboration with the Federal Ministry of Education are working out ways to get states’ ministries of education enforce the introduction of insurance curriculum in secondary schools.

    President of CIIN, Dr. Wole Adetimehin, who disclosed this in an interview, said as part of the institute’s strategic action plans, it intends moving round all ministries of education across the nation to canvass the implementation of the policy.

    He said: “In our favour, the Federal Government has made insurance as one of the subjects to be examined by West African Examinations Council (WAEC) and National Examinations Council (NECO), students have to offer insurance from Senior Secondary one to three.

    “As part of our strategic action plans, we intend moving round all ministries of education across the nation to canvass the implementation of this policy. We have been to the Federal Ministry of Education and we have gotten the entire curriculum for the schools, now we are partnering the Federal Ministry of Education in enforcing or compelling all the states’ ministries of education to implement this new agenda.”

    He said the institute is already commissioning people to write text books on insurance in line with the curriculum, adding that the effort would at the same time create jobs for members of the institute.

    The Federal Government in a bid to deepen insurance awareness, last year, introduced a curriculum that would enable students acquire insurance knowledge at the secondary school level.

  • CIIN advises firms on staff training

    INSURANCE firms have been advised to raise their training budgets to prepare their staff for increased productivity and the challenges ahead.

    The President, Chartered Insurance Institute of Nigeria (CIIN), Dr. Wole Adetimehin, said underwriters and brokers have assured of improved budget on staff training, adding that they have realised that the best assets is their human capital.

    He noted that the CIIN management had engaged the operators on the need to see the institute as theirs, adding that the body has continued to find ways of enhancing the human capital of the industry.

    Adetimehin said over the years, most companies reduced their budgets for training.

    He said: “I suspect that the budget for training has been falling. I do not have the figures, but I suspect that there have been some scaling down of budget for training over the years. This is a major challenge.

    He said members of the industry were getting the best on training from the institute, stressing that operators are encouraged to seek knowledge from every reputable sources to develop and re-develop themselves.

    He said for the industry operators to remain relevant, they must seek and get adequate training.

  • Insurers urged to seek more training

    TO remain relevant in the industry, the Director-General, Chartered Insurance Institute of Nigeria (CIIN) Mr. Adegboyega Adepegba has urged insurance practitioners to get adequate training.

    Adepegba told The Nation that the body has been given statutory powers to train and retrain insurance professionals, noting that it is doing its best to ensure that professionals are well-trained before they are certified.

    He said for anybody to become a professional, he must have passed the institute’s exams. He explained that they are in three parts: certificate, diploma and advanced diploma.

    He added that the institute provides many services, which enable the students to be prepared for the exams.

    Explaining the mode of operation, Adepegba said: “We also have a college trains those who would take the examinations and those that will come in for refresher courses.

    “The institute also has some exam programmes that it conducts regularly, annually and others at intervals, such as conferences, seminars, in-house programmes and the Mandatory Continuous Professional Development (MCPD).

    He said under him, insurance education has improved, noting that members of the institute are getting the best training.

    He added that education is not something one gets from one source, advising students and members of the profession to develop and re-develop themselves.

    He said the MCDP programme ensures that students write, carry out research and attend programmes that can broaden their knowledge about the practice of insurance.

  • Fraudsters will destroy insurance, says Commissioner

    To win the confidence of people, charlatans and fraudsters must be shown the way out of insurance, the Lagos State Commissioner for Education, Mrs Olayinka Oladunjoye, has said.

    Speaking at this year’s graduation of the Chartered Insurance Institute of Nigeria (CIIN), Mrs Oladunjoye said the world is threatened by environmental risks, terrorism and civil unrest. These, she said, called for greater protection from insurance covers and the need to educating the citizens about insurance.

    She observed that some insurance practitioners were involved in activities that could dent the image of the industry, urging the institute to take steps to stem the ugly trend.

    Mrs Oladunjoye promised to help create the enabling environment for the business to thrive in the state.

    Meanwhile, CIIN has warned school certificate holders that they might be sanctioned if found guilty of unethical practices.

    Its President, Dr Wole Adetimehin, said the institute could withdraw its certificate from any holder, if it discovered any breach of examination.

    He said: “Permit me to reiterate the policy of Council regarding certificates issued by the institute as the institute’s property, which could be withdrawn from the holders if the institute has good reasons to do so.

    “Let me state categorically that the institute reserves the right to withdraw its certificate from any holder, if it discovers any breach of the examination process. A further reason for such withdrawal of certificates may emanate from acts unbecoming of a holder of the institute’s professional qualification.”

    He noted that the institute would strengthen its examination system through regular reviews of the syllabus and examination structure, stressing that it is conscious of the industry post-consolidation challenges, which came with new and complex human capital needs.

    “The challenges facing the industry not only requires a fresh impetus in human capital development, but also a renewed vigour and approach to skills recreation to equip practitioners for the huge tasks of managing the realities in the business landscape,” he said.

    He noted that the attainment of professional qualification should not be seen as an end in itself, but as a means to an end. Therefore, it behooves holders of professional qualifications to be mindful of the efficacy of Continuous Professional Development (CPD).

    “As you are aware, the CPD has become institutionalised with varying degrees of enforcement by most professions. In our own case, it engenders a scheme which requires members to locate themselves in the point scoring index, hence it is referred to by our institute as the Mandatory Continuous Professional Development (MCPD) programme,” he added.

    He said no professional should exempt himself from the scheme under any guise.

  • CIIN holds induction Wednesday

    The Chartered Insurance Institute of Nigeria (CIIN) is set to induct new fellows and associates into its fold on December 5.

    In a statement CIIN’s Director of Corporate Communication, Joseph Obah, said 16 fellows and 134 associates would be inducted at the event where the Commissioner for Education, Lagos State, Mrs. Olayinka Oladunjoye would be special guest of honour.

    According to him, the fellows are Deputy President, Nigerian Council of Registered Insurance Brokers, Mr Ayodapo Ajayi Shoderu; a former President, Professional Insurance Ladies Association (PILA), Mrs Folashade Onanuga; and Abubakar Sabin Bello of the National Insurance Commission.

    Others are Chairman, CIIN, Port Harcourt chapter, Mr Uche Aniago; Managing Director, UnityKapital Assurance PlLC, Mr Kins Ekebuike; Aremo Adeniyi Ogunsanya of Oriwu Insurance Brokers; Abidogun Ademola Ayotunde of Cornerstone Insurance Plc, Adekeye Oluseyi Olasunkanmi of SCIB Nigeria & Co Ltd, Mrs Adekoya Adeyinka of Cornerstone Insurance Plc, Akingbade Akinjide Ajao of Sterling Assurance Nigeria Ltd, Apampa Moruf of AIICO Insurance Plc, Mrs Arusiuka Adetutu of AIICO Insurance Plc; Duru Japhet Ogueri, International Energy Ins. Plc; Olabiyi Festus Idowu, AIICO Insurance Plc, Popoola Samson Olugbenga, of Hogg Robinson Nigeria Ltd and Sogbesan Gregory Olanrewaju, SCIB Nigeria & Co Ltd.

    Obah said a lecture entitled: The professional and nation building, would be delivered by Mr Wole Oshin, Managing Director, Custodian and Allied Insurance Plc.

     

  • CIIN seeks operators’unity, cooperation

    The President, Chartered Insurance Institute of Nigeria (CIIN), Dr Wole Adetimehin, has said the rift among insurance operators is inimical to the industry’s growth.

    Adetimehin, who spoke during a stakeholders’ conference in Ibadan, Oyo State urged the operators to collaborate and move the industry forward.

    He called on the practitioners to have a change of attitude, adding that the industry can only grow when stakeholders are committed to their profession.

    He said: “My observation is that we are loyala to the arms of our industry instead of seeing ourselves as professionals with a common stake; that is, brokers are loyal to Nigerian Council of Registered Brokers (NCRIB), underwriting staff to Nigerian Insurers Association (NIA), Loss adjusters to the Institute of Loss Adjusters of Nigeria (ILAN).

    “We must shed this coat and put up a united front as one profession. Self-development is advocated for the individual and companies should reward the staff adequately when they acquire higher qualifications.”

    He noted that the need for change of attitude and total commitment to the profession can note be over emphasised, adding that integrity and transparency should at all times be the guide for operators.

    “We must refrain from unethical conduct and any infractions should be reported to the institute for disciplinary action to deter others and improve our perception,” he said.