The National Insurance Commission (NAICOM) has called on insurance practitioners to rebrand the industry to enhance public understanding. Olusegun Omosehin, Commissioner for Insurance and CEO of NAICOM, made this statement during the investiture ceremony of Mrs. Yetunde Ilori as the President of the Chartered Insurance Institute of Nigeria (CIIN) on Tuesday in Lagos.
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Omosehin emphasized the need for collaborative efforts to reposition the insurance profession, highlighting that emerging global and national developments necessitate a renewed approach. He expressed confidence in Mrs. Ilori’s leadership, expecting that under her guidance, CIIN will continue to uphold professionalism, maintain ethical standards, and foster educational development within the industry.
“Leadership in the insurance sector is more critical now than ever as we navigate significant economic challenges and opportunities,” Omosehin stated. He stressed that the insurance industry must evolve to meet society’s changing dynamics, with Mrs. Ilori playing a pivotal role in driving this transformation.
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He underscored the importance of promoting a robust, resilient, and stable insurance industry to contribute to Nigeria’s economic stability and growth. Omosehin urged insurance practitioners to be mindful of the public’s perception of the profession and to communicate their narratives effectively.
NAICOM is committed to aligning the insurance sector with President Bola Ahmed Tinubu’s renewed hope agenda, aiming to grow Nigeria’s economy to $1 trillion by 2030. Omosehin recognized CIIN as a crucial partner in developing skilled professionals to achieve this goal and reiterated NAICOM’s continuous support for the institute. He also emphasized the need for improved perception, transparency, and public confidence in the insurance industry.
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As the industry looks forward to Mrs. Ilori’s tenure, stakeholders are encouraged to reaffirm their commitment to fostering a strong and stable insurance sector that significantly contributes to Nigeria’s economic growth.
