ADDRESS BY SIR. (DR.) MUFTAU OYEGUNLE PRESIDENT/CHAIRMAN OF COUNCIL, CHARTERED INSURANCE INSTITUTE OF NIGERIA AT THE 2022 CIIN BUSINESS OUTLOOK; A HYBRID PROGRAMME HELD AT ORIENTAL HOTEL, VICTORIA ISLAND, LAGOS ON 23TH FEBRUARY, 2022.
It is with great pleasure that I welcome you all to our Institute’s Annual Seminar; the Business Outlook. A forum where key players in the Insurance Industry as well as the Finance sub-sector of the economy converge to review the business environment in the country for the immediate past year and strategize on the way forward for the insurance industry in the New Year.
This programme among other things, examines the National Budget, reviews the thrusts of the fiscal and monetary policies of the government and estimate how these would influence the insurance industry in particular and the economy in general.
The theme of 2022 Business Outlook is: “Economic Policies of the Government in 2022: Challenges, Issues and Prospects”. In examining the Government’s 2022 economic policies, we will look to:
– Analyse the 2022 National Budget as presented.
– Review the fiscal and monetary policy of the Government and their impact on the Insurance sub- sector of the economy;
– Appraise the performance of the Insurance Industry in 2021 and project into the future;
– Review the effects of the COVID-19 pandemic to the Insurance industry and how the industry can reposition itself – going forward.
Distinguished Ladies and Gentlemen, I am very optimistic that this year’s edition will be very insightful considering the positive projections of the global industry by international analysts. According to economic experts; the growth projections for 2022 revealed the demand for insurance would keep rising worldwide and the industry will be fairly bullish notwithstanding concerns about the potential effects of COVID-19 variants. Also, Swiss Reinsurance Institute stated that for the first time in history, global insurance premiums will exceed $7 trillion by mid-2022.
To bring this home today, we have erudite speakers drawn from the financial services sector to give us insight as to their projections for the year, the economy and the Insurance Industry. We are equally pleased to have the Commissioner for Insurance, Mr O. S Thomas who will equally give us a detailed perspective from the standpoint of the regulator about their projections for the year 2022.
At this point, I want to appreciate the Commissioner for Insurance for always answering our call whenever we reach out and doing so with the zeal, dexterity and commitment that defines true professionalism. I equally like to acknowledge our theme speakers: Dr. Oladimeji Alo, the Managing Director/CEO. Excel Professional Service Limited and Mr. Peter Ashade, Group CEO, United Capital Plc. We appreciate your thoughtfulness for agreeing to partner with the Institute on this remarkable programme.
Distinguished Ladies and Gentlemen, as I hand over to the experts to do justice to the topics for today, let me end this remark by, once again, welcoming you all to this seminar which promises to be very interactive and knowledge driven. I thank you all for taking out time from your busy schedules to be part of this great programme.
Thank you all for your attention and God bless.
Sir. (Dr.) Muftau Oyegunle, ACII, FIIN
President/Chairman of Council
CHARTERED INSURANCE INSTITUTE OF NIGERIA (CIIN)