CIIN President Urges Insurance Directors to Prioritize Governance

The President of the Chartered Insurance Institute of Nigeria (CIIN), Edwin Igbiti, has called on directors in the insurance sector to uphold strong governance practices to bolster the industry’s growth and credibility. Speaking at a recent forum, Igbiti emphasized that sound governance is crucial for sustaining investor confidence and ensuring compliance with regulatory standards.

He highlighted the evolving nature of the insurance sector, which demands greater transparency, accountability, and ethical leadership from those at the helm. “As custodians of public trust, directors must embrace governance as a strategic tool for growth and resilience,” Igbiti said.

The CIIN president also stressed the importance of aligning corporate governance frameworks with global best practices to position Nigerian insurers as competitive players in the international market. He urged boards to prioritize risk management, effective oversight, and stakeholder engagement to navigate the challenges of a dynamic business environment.

Industry analysts have noted that the call for improved governance comes at a critical time, as the insurance sector continues to face issues ranging from low penetration rates to economic uncertainties. Strengthening governance structures is seen as a key step toward addressing these challenges and fostering long-term stability.

Igbiti further encouraged directors to invest in continuous education and training, ensuring they remain equipped to handle the complexities of modern insurance operations. The CIIN, he added, is committed to supporting this goal through capacity-building initiatives and advocacy for regulatory reforms.

As the insurance industry seeks to enhance its contribution to Nigeria’s economic development, the focus on governance by the CIIN underscores the need for visionary leadership that prioritizes transparency, innovation, and sustainable practices.