In fulfillment of its commitment to enhancing the profitability and productivity of
insurance practitioners, the Chartered Insurance Institute of Nigeria (CIIN) tailored its
2021 Business Outlook seminar on how key stakeholders in the underwriting business
could maximize the opportunities inherent in government policies.
President/Chairman of Council, Chartered Insurance Institute of Nigeria (CIIN) Sir.
Muftau Oyegunle, at the event which held virtually, said the theme of the 2021 edition of
the Business Outlook, “The 2021 Budget: Effects on the Economy & Insurance
Industry”, was significant considering the fact that the outbreak of the Covid-19
Pandemic had completed disrupted the business landscape and life in general.
Oyegunle pointed out that Nigeria has continued to record a fragile growth with
significant revenue challenges which were further worsened by insecurity and the
devastating effect of the Covid-19 pandemic. “This has resulted in increased borrowing
and higher deficit than budgeted. The biggest challenge in 2021 would be how to
restore confidence in the economy and attract private sector investments which would
boost local production for inclusive and sustained economic development. It is our hope
that this year will bring better results for us all,” he said. He expressed deep
appreciation to the Commissioner for Insurance, Sunday Thomas, for his passionate
and continuous support towards the Institute’s programmes.
Commissioner for Insurance, Mr. Sunday Thomas, who spoke on leveraging on
government policies to deepen insurance penetration in Nigeria stated that the
commission would be doubling its effort to increase insurance penetration nationwide in
order for the sector to contribute more to the nation’s GDP. He pointed out that the
challenges facing the industry were enormous and that the outbreak of the Covid-19
Pandemic had done nothing to alleviate matters. Thomas urged operators not to lose
focus as they ride the tide.
The event also featured the MD/CEO of FIITC, Mrs. Chizor Malize, who was the theme
speaker of the event. The CIIN Business outlook is an annual program put together by
the Institute to review the National budget for the year in view and the policy thrusts of
the government to establish points of progress and concern for the insurance industry.