Insurance

IICC urges Nigerians to use insurance to accrue income

Igbiti

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Chuks Udo Okonta

The Insurance Industry Advisory Council (IICC) has implored Nigerians to maximize the enormous benefits offered by insurance to accrue income and improve their way of life.

IICC President Edwin Igbiti said so during the Compulsory Insurance Training 2022, held in Benin City, Edo State, noting that insurance provides protection of income, life and assets to policyholders and their needs, as well as an accumulation of income that can be used in retirement to help preserve one’s desired lifestyle.

He maintained that insurance is a global entity and its values ​​and benefits are many for the existence of mankind.

Igbiti argued that insurance incentivizes business operations to operate profitably, by managing the risks associated with business operations.

According to him, the insurance industry protects the assets of its policyholders by transferring risk from an individual or business to an insurance company.

He said a major hazard currently afflicting the country, among others, is the threat of floods, adding that the current floods have caused major havoc and deaths.

“The IICC takes this opportunity to sympathize with all the victims across the country and believe that the insurance companies will play their expected role in improving the effect of loss and damage caused quickly, as I know they are preparing currently dealing with huge claims from the recent floods that have ravaged some states.

“This again presents us with an opportunity to resonate the benefits of insurance to Nigerians. It is for times like these that we embrace insurance so that we have adequate compensation for the losses incurred,” said he declared.

He said the training was organized; to educate insurance practitioners about compulsory insurance policies, the benefits associated with them.

The President said that the IICC was inaugurated in 2013 to act as the unifying voice of the insurance industry, representing it on national issues affecting the insurance industry, taking on and assuming other roles that would serve the best interests of the sector in Nigeria and provide sustainable solutions. to complex issues in the insurance industry.

He noted that the training is an annual event and corporate social responsibility of the IICC where government and other stakeholders come together to learn and share ideas for successful implementation of compulsory life insurance. and property in their respective states and departments.