CIIN Explains Shortage of Professionals in Marine Insurance

The Chartered Insurance Institute of Nigeria (CIIN) says the dearth of skilled professionals in the marine insurance business is responsible for the low number of practitioners in the sector.

CIIN President, Mr Muftau Oyegunle, made the disclosure in an interview with Newsmen on Tuesday in Lagos.

He spoke against the backdrop of dearth of skilled professionals in marine insurance business in the country.

Oyegunle regretted that most of these practitioners were nursing fear of the unknown for the future of the marine insurance business in Nigeria.

“To the credit of the institute, every year, the number of professionals we produce is increasing, though the increase may not be in radical numbers, but the number of professionals have been going up.

“The issue here is in the area of specialisation. Where are people concentrating their efforts? At a stage, it was aviation insurance that was the problem.

“Another stage, it was life insurance that was the problem, but these days, there are whispers of marine insurance here and there.

“For marine insurance, we have more than three marine courses in our syllabus; that is, one at the diploma level and two at the qualifying level.

“But the question is, are people taking them? My answer may be as good as yours; because if people are taking them, I think the industry will not be complaining,” he said.

He noted that it would be out of place to force people to become specialists in certain areas.

Oyegunle added that the courses were for them to freely specialise in their areas of choice.

”But of course, you know people will specialise in areas they feel they have a clear future for,” he added.

Oyegunle urged stakeholders in the industry to work together and promote marine insurance business in order to attract more professionals.

According to him, it is time for stakeholders in the industry to work together, to sell a future in the area of marine insurance to interested professionals, as well as make it attractive for them.

The CIIN’s boss said that as soon as people knew that there was a future in that segment, they would embrace it and everybody would be happy for it .

He, however, lauded the National Insurance Commission (NAICOM) and the Nigeria Insurers Association for their efforts in increasing the number of actuary technicians in the market.

“I am happy to report that NAICOM gave the College of Insurance and Financial Management, a project, to fast track the training of actuary technicians for the next five years,” he said.