14th October, 2021
President Muhammadu Buhari Thursday in Abuja urged insurance companies in the country to improve their efficiency by honouring claims in good time to policy holders.
The President spoke during his conferment ceremony as the Grand Patron of the Chartered Insurance Institute of Nigeria (CIIN) by the Chairman and members of the Governing Council of the Institute, held at the State House.
The President, who commended the leadership of the Institute under Sir Muftau Oyegunle for bringing some sanity into the Nigerian Insurance Industry as well as giving more visibility to the importance of the industry in national development, counselled them to do more.
‘‘As you continue in your work of contributing to national development, I want to urge you to further increase the number of Nigerians and businesses that would benefit from and be benefited by the insurance industry.
‘As you are well aware, you need to dispel misconceptions about the insurance industry presently held by a good number of Nigerians, especially as it relates to claims and need for insurance.
‘‘As I have said on many occasions and would continue to reiterate, it is my commitment to leave a sustainable growth and development legacy by the end of this administration.
‘‘Furthermore, the insurance industry as a whole must improve its efficiency and honour claims in good time,’’ he said.
President Buhari thanked players in the insurance industry, including the CIIN, for supporting this government as well as the kind words in appreciating the progress made in various areas of development.
Specifically, the President highlighted the contribution of N500,000,000 to support the fight against the COVID-19 pandemic in its early days in the country.
He noted that the granting of insurance cover for all frontline health workers at concessionary premiums contributed significantly to the globally acclaimed success of Nigeria’s National Response to the pandemic.
The President told the leadership of the Institute that he would count on their continuous support, as he rallies ‘‘all Nigerians to join our hands and hearts together with this administration to create the Nigeria we want.’’
He promised to continue providing the necessary support to the industry to ensure that the country maximises its contribution to socio-economic growth.
‘‘Once the National Assembly has finished the process of reviewing the Consolidated Insurance Bill 2020 and is forwarded to me, I would speedily subject it to the necessary executive checks and sign it into law,’’ he assured his guests.
The President expressed appreciation on the conferment of the Fellowship award as the Grand Patron of the Institute, saying that he received it ‘‘with honour.’’
Oyegunle lauded the Buhari administration’s sustained efforts to eliminate poverty in the country through laudable initiatives such as National Social Investment Programme, the Cash Transfer scheme and National Social Housing Programme, among others.
‘‘These programmes and many others have impacted Nigerians. Your Excellency, the inclusion of insurance in the policy formulation of these great initiatives will guarantee sustainability,’’ he said.