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Edo Seeks Stakeholders’ Collaboration To Enhance Insurance Adoption

The 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 Finance Commissioner, Mr. Joseph Eboigbe, who represented Governor Godwin Obaseki at the 2022 Insurance Industry Consultative Council (IICC) Compulsory Insurance Training held recently in Benin City, Edo State.

Speaking at the event, Mr. Joseph Eboigbe stated that over the past six years, the Governor has implemented a host of initiatives, including insurance, that are opening up the Edo State economy, adding that professional collaborations are needed to support the efforts.

“It is very beneficial that we have this event at the moment. We have several projects in progress. One of the things we needed to complement our efforts is high quality professional advice. That’s why I’m glad this event is happening today, because we need insurance skills. With high-quality skills, we can then receive high-quality service and advice to carry out our plans.

“As for the recent floods, even though Edo state has not really suffered much, we do have certain parts of our states that experience flooding every year when it rains heavily.

Mr. Eboigbe emphasized the need for insurance experts in the state who will serve as insurance advisors, to assist the state government in obtaining expert advice and making annual insurance-related decisions for the state regarding contingencies and risks,” he added please.

Emphasizing that the state needs insurance experts who have the necessary knowledge, skills and experience to properly advise the government on insurance matters so that it can continue to respond annually to disasters, he added that “in terms of economic expansion, we also need to insurance professionals to work with us. As you rightly said, Mr Chairman, we started with health insurance, but the penetration rate is still very low. If it is by way of advocacy, we need your support as you have a wider reach.”

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He further added that the government is trying to concession the General Hospital, Auchi, to individuals/sectors with the aim of providing quality health services to the citizens.

The Chairman, IICC, Mr. Edwin Igbiti, delivered his welcome address earlier and said that the IICC Mandatory Insurance Training was organized to educate the government, MDAs and private sector about the mandatory insurance policies and the benefits that are so easy to adopt in them .

“Insurance encourages business operations to operate cost-effectively by managing risks associated with business operations. The insurance industry protects its policyholders’ assets by transferring risk from an individual or company to an insurance company,” he stressed.

While praising the commendable efforts of Edo State Governor Mr. Godwin Obaseki for his support over the years, he added that “there is no objection to say that Edo State’s contribution to the insurance industry is overwhelming, the state insured 400,000 residents in 2021, the Edo Health Insurance Scheme is a worthy project of His Excellency. I am confident that this relationship will continue for many years to come.”

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