Edo Seeks Stakeholders’ Collaboration To Enhance Insurance Adoption

Edo State government has called for the support and collaboration of stakeholders to deepen insurance adoption in the state.

The state government made this call through its commissioner of Finance, Mr. Joseph Eboigbe, who represented governor Godwin Obaseki at the 2022 Insurance Industry Consultative Council (IICC) Compulsory Insurance Training held in Benin City, Edo State recently.

Speaking at the event, Mr. Joseph Eboigbe stated that, the governor, in the last six years, has implemented quite a number of initiatives, insurance inclusive,  that are opening up Edo State economy, adding that, professional collaborations are needed to solidify the efforts.

“It is quite auspicious that we are having this event at this point in time. We have several projects in process. One of the things that we required to complement our efforts is high quality professional advice. That is why I am happy that this event is taking place today because we need insurance skills. With high quality skills we can then get quality service and counsel to execute our plans.

“Concerning the recent flooding, even though Edo State did not really suffer much but we do have certain parts of our states that do suffer flooding annually when it rains heavily.

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Mr. Eboigbe emphasized the need for insurance experts in the State that will serve as Insurance advisers, to assist the state government in getting expertise advice while making insurance related decisions for the state towards unforeseen events and risks yearly,” he added.

Stressing that the state needs insurance experts that have the requisite knowledge, skills and experience that can advise government properly on insurance matters so that, it can  annually keep reacting to disasters, he added that, “in the area of economic expansion, we also need insurance professionals to work with us. As you have rightly stated Mr. Chairman, we have commenced health insurance scheme but the penetration is still very low. If it is by way of advocacy, we need your support as you have a wider reach.”

He further added that, the government is seeking to concession the General Hospital, Auchi to private individuals/sector for the purpose of providing quality health services to citizens.

Delivering his welcome address earlier, the chairman, IICC, Mr. Edwin Igbiti, said the IICC Compulsory Insurance Training was organised to educate government, MDAs and the private sector on the mandatory insurance policies and the benefits therein so easy adoption.

“Insurance stimulates business activities to operate in a cost-effective manner, by managing risks associated with business operations. The insurance sector safeguards the assets of its policyholders by transferring risks from an individual or business to an insurance company,” he pointed out.

While commending the laudable efforts of the Edo State governor, Mr. Godwin Obaseki, for his support over the years, he added that, “there is no gain-saying that Edo state contribution to the insurance sector is overwhelming, the State insured 400,000 residents in 2021, the Edo Health Insurance Scheme is a worthy project of His Excellency. I believe that this relationship will continue for many years to come.”