Insurance operators charged to imbibe accountability

Operators in insurance industry have been charged to imbibe transparency and accountability in the discharge of their respective civic duties.

The Chief Imam, Magodo Central Mosque! Abdul Semi’ Olatunji Alkhelany, said this at the 2018 Ramadan Tafsir Lecture organised by the Chartered Insurance Institute of Nigeria (CIIN) in Alausa, Ikeja, Lagos, adding that the business of insurance, which is trust, demands that operators in the insurance landscape must be transparent and truthful in the kind of services they offer to their respective clients.

He said, a policyholder must be fully aware of the product he is buying, its benefits, the risk it covers and so on, stating that, by doing so, the industry would have shown transparency in its product delivery.

Moreover, he said, abroad, insurance is a part of social structure but that, it is not so in Nigeria, urging the insurance industry to work on its image and increases education and awareness on insurance products and services.

He stated that most companies that are now moribund collapsed because of breach of transparency and accountability in business management. He pointed out, that any company that does not imbibe these two elements will not survive the test of time.

He applauded the insurance industry to have come up with Takaful products which address the needs of the Muslims; urging Islamic faithful to subscribe to these Islamic insurance products, as its benefits is immeasurable.

He was unhappy that takaful insurance scheme meant for Muslims is even witnessing more patronage from non-muslims, urging Islamic clerics to educate their followers in mosques on the need to subscribe to this insurance scheme.

The Director General, CIIN, Olutayo Bororkini, who represented the President of the Institute, Funmi Babington-Ashaye, said, the Ramadan lecture is a yearly event meant to bring together Muslims in insurance industry to listen to sermon in the month of Ramadan and pray for the industry and the nation.

The DG said that the program, now in its sixth edition, commenced in 2013, adding that the program has been a forum to unite Muslim brothers in insurance industry to discuss topical issue on how best to live a worthy life as an individual and as an industry.

The Chairman of the occasion, Alhaji Kola Ahmed, who was also the former Director General of CIIN, urged Insurance Companies and broking fraternity to increase awareness on the program, to increase participation to the yearly event.

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