Insurance chief counsels Nigerians to patronise only registered insurance brokers

Nigerian Council of Registered Insurance Brokers (NCRIB), on Sunday, advised Nigerians to patronise only registered insurance brokers for all their underwriting businesses.

The NCRIB President, Barr. Rotimi Edu, gave the advise while speaking with the News Agency of Nigeria ( NAN), on the sidelines of the NCRIB’s Special Day at the 2021 Lagos International Trade Fair (LITR) in Lagos.

NAN) reports that the fair held between Nov. 5 and Nov. 14 with the theme: “Connecting Businesses, Creating Value”.

Edu explained that the advise became necessary to ensure that Nigerians got the best professional advise and went through a seamless process, when buying insurance policies and processing claims payment.

He said that professionalism and standards among brokers was non-negotiable, as the council had laid down rules and also facilitated trainings to improve its members.

According to him, the participation of NCRIB at the fair for the first time was aimed at creating awareness and educating the public in a bid to increase insurance penetration.

” I am happy that we have taken insurance further from where it was and taken it closer to the door steps of Nigerians.

” Through the engagement, industry players have shown people a lot of opportunities available in insurance .

” The insurance companies that came to the fair for exhibition will become conglomerates in a few years to come , depending on their business plan and focus.

” This will transcend into golden premium for the Industry in a few years and contribute to the Nation’s Gross Domestic Product (GDP), he said.

Edu noted that the collaboration between NCRIB and the Lagos Chamber of Commerce and Industry ( LCCI) would open up another avenue for business and growth of the industry .

Also, Mr Gboyega Olanbiwonnu, Chairman, Insurance Group, LCCI, told NAN that the collaboration between the council and the LCCI would add value for commerce and industry generally for Nigerians .

” NCRIB and LCCI are two great brands having existed for 60 years and 150 years respectively .

” The collaboration have been in existence since four years ago, in terms of information sharing, idea generation and execution , but this is a step further and it will be sustained , ” he said .

He added that the participation of the industry at the fair would deepen insurance penetration , which would in turn impact positively on the industry.