Edo state govt seeks collaboration to deepen insurance penetration

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Lagos, Nov. 21, 2022 The Edo State Government has called for the support and collaboration of professionals in the insurance industry to deepen insurance penetration in the state.

This is contained in a statement issued by Ms Helen Ajeamo, the Corporate Communications Manager, Chartered Insurance Institute of Nigeria (CIIN) on Monday in Lagos.

The statement said that Edo State Governor, Mr Godwin Obaseki, said this at the 2022 Insurance Industry Consultative Council (IICC) Compulsory Insurance Training held in Benin.

It said that Obaseki was represented at the event by the Commissioner For Finance, Mr Joseph Eboigbe.

The statement quoted Obaseki as saying that the state had implemented a number of initiatives which included insurance in the past six years to open up the economy.

“It is quite auspicious that we are having this event at a time when the state has several projects in process.

“One of the things that we require to complement our efforts is high quality professional advice.

“That is why I am happy that this event held because we need insurance skills. With high quality skills we can get quality service and counsel to execute our plans,” Obaseki said.

According to him, the state government is seeking concession of the General Hospital, Auchi, to private individuals or sector to ensure quality health services to citizens.

“In the process of deliberating on this, we have realised the importance of health insurance and the need to deepen it.

“We have commenced health insurance scheme but the penetration is still very low. If it is by way of advocacy, we need your support because you have a wider reach.

“We need the support and collaboration with insurance experts in the state to fast track this initiative and get insurance services provided to the health sector as well as other sectors such as agriculture,” Obaseki said.

He said the state needed experts that would assist the state government to get professional advice while making insurance related decisions for the state towards unforeseen events and risks yearly.

The statement also quoted Mr Edwin Igbiti, the Chairman IICC, as saying that the state government had been supporting the insurance industry over the years.

Igbiti commended the efforts of Gov. Obaseki for his effort in the state and support for the insurance industry over the years.

He noted that Edo insured 400,000 residents in 2021 through the Edo Health Insurance Scheme project of Gov. Obaseki.

“Thank you for the hospitality you and your people have shown us throughout the years, the insurance industry appreciates you.

“Your Excellency, your visionary leadership has been the element for the wave of industrialisation currently being experienced in Edo.

“The infrastructural growth recorded in Edo since your assumption into office has contributed in no small measure to the growth of the state’s economy.

“We urge you not to rest on your oars rather continue with the good works and hope that you will continue to fashion an enabling environment for insurance business to prosper,” he said.

Igbiti said the IICC compulsory insurance training was organised to educate the government, MDAs and the private sector on the mandatory insurance policies and the benefits therein.

According to him, the insurance sector safeguards the assets of its policyholders by transferring risks from an individual or business to an insurance company.

Igbiti sympathised with all the flood victims across the country, noting that insurance companies would play their expected roles in ameliorating the effect of the losses and damages done promptly.

IICC was inaugurated in 2013 to act as the unifying voice of the insurance industry, take up and assume other roles that would serve the best interest of the industry in Nigeria.