By Modestus Anaesoronye
The Chartered Insurance Institute of Nigeria (CIIN) has elected Funmi Babington-Ashaye as its 48th President. The new President, a former Managing Director of Cornerstone Insurance and NICON, is the sixth female president of the Institute. Her investiture comes up on Tuesday, July 25 at the Intercontinental Hotel, Victoria Island, Lagos.
An accomplished practitioner and seasoned underwriter with over 30 years cognate experience in the insurance industry, Babington-Ashaye started her insurance career with Royal Exchange Assurance Plc as an Insurance Superintendent in 1987 and later joined Cornerstone Insurance PLC as a pioneer staff in 1991.
Through dint of hard work and exceptional performance, she rose through the ranks and became the MD/CEO of the company within fifteen years. In that capacity, she brought her wealth of experience and creativity to bear on the performance of the company, which easily became the reference point in the industry. Through her sterling leadership qualities, she grew the turnover of the company by over 80 percent within one year and also successfully recapitalized the company.
In appreciation of her invaluable wealth of experience, professional acumen and visionary leadership, she was appointed interim Managing Director of NICON Insurance PLC by the Federal Government to assist in re-engineering the company to a going concern status pending the resolution of the impasse between the insurance industry, the regulator (National Insurance Commission) and the core investor. At the end of her tenure, the FGN specially commended her performance and indeed, offered to retain her as the substantive MD/CEO but she politely declined.
Winner of the Chartered Insurance Institute of London’s JC Lepine Prize Award, she is a Fellow of the Chartered Insurance Institute, London and Nigeria. She is also a Fellow of Chartered Insurance Brokers and Institute of Directors, Nigeria.
Author of a book titled Insurance in Practice: All You Need to Know about Insurance in Nigeria, Babington-Ashaye is the Founder, Managing Director/Chief Executive Officer of Risk Analyst Insurance Brokers Limited.
In a statement issued by the institute, Babington-Ashaye promised to reposition the insurance industry during her tenure. “During my tenure, I plan to rededicate myself to the creation of the required awareness that would re-position Insurance through education and public enlightenment”, she said.