CIIN, H’Kong insurers in partnership to grow business

The President, Chartered Insurance Institute of Nigeria, Mrs. Funmi Babington-Ashaye, has said that the insurance industry has a lot to learn from the growth strategies of the insurance sector in Hong Kong.

She said this when she led a delegation of the CIIN on an international exchange programme in Hong Kong, which was organised by the institute for its members.

According to her, developing the services sector where insurance belongs can sustain and make the economy great, with or without other natural resources.

While speaking on its choice of Hong Kong, Babington-Ashaye said, “Hong Kong is one of the greatest and biggest financial and trade hubs in Asia. Its accomplishments in all spheres of human endeavour as islands clearly belie its small size.

“As one of the world’s leading knowledge centres, the achievements of Hong Kong in global commerce and international trade is at variance not only with its size but also provide a framework for learning and development.”

She stated that with the most efficient and busiest maritime container port in the world, it is on record that Hong Kong dispatches one container every four minutes to other parts of the globe.

“In 2017, its per capita income reached $46,228.13 while its 2018 ranking on the global ease of doing business is fifth,” she stated.

Besides these performance statistics, she stated that it was estimated that the services sector, which include insurance and reinsurance services, contributed 91 per cent to its Gross Domestic Product in 2016.

According to her, the prosperity of the island is based on knowledge and its human capital.

Babington-Ashaye said, “As we strategically plan to grow our businesses, we must take our bearing from the market place. Users of our services must define what we do. We must connect with and respond promptly to their needs efficiently and effectively.

“Our business model must be in tune with clients’ demands and the realities of our environment. If we choose to diversify, it should be into areas of shared services which can reduce operational cost and enhance efficiency and profitability.”