The Nigerian Council of Registered Insurance Brokers (NCRIB) has vowed to leverage on its relationship with government institutions to grow the insurance broking practice in Nigeria.
President of the Council, Barrister Laide Osijo, made this disclosure at the December edition of the NCRIB Members’ Evening held recently in Lagos.
Osijo said that the patronage of insurance broking and public awareness about insurance would soon be buoyed by the Council’s renewed strategic relationship with stakeholders and clients in government as well as corporate institutions.
“In order to grow the insurance broking profession and enhance the relevance of insurance in Nigeria, the NCRIB would continually forge formidable lines of relationship with government institutions and make them see the benefits of making statutory allocations for insurance premium in their yearly budgets, as this would eliminate the problem of non- payment of premiums by those institutions,” Osijo said.
The president commended the National Insurance Commission(NIC) for its role in ensuring that government institutions appreciated the roles of insurance in mitigating risks and for preservation of the nation’s numerous national assets.
On request for payment of fees as condition for enlisting the services of insurance brokers by some government institutions, Osijo called for a reversal of the trend, noting that insurance brokers were professional intermediaries who sell their skills like other professionals like lawyers, architects, tax consultants, among others and that asking them to pay such fees smacks of erroneous perception of brokers as traders or contractors, which they were not.
“We, however need the support of all members to intimate the council regularly with institutions that indulge in such anti broking practices and be ready to comply with the directive of the council on such insurances,” she said.
The Managing Director of STI Plc, which was the host company, Mr. Wale Onaolapo, called for the support of insurance brokers for the actualisation of the progressive vision of the council.