NAICOM, Insurance Brokers’ Council President Advocate Education, Ethics

The National Insurance Commission (NAICOM) and the Nigerian Council of Registered Insurance Brokers(NCRIB), under its new president, Ekeoma Ezeibe, are advocating education, professional ethics and trust building to secure the future of insurance services in the country.

The two organisations stated this at Mrs Ezeibe’s investiture as the 23rd president of the council, believing that every stakeholder in the sector must unite to build public confidence, which will be instrumental to insurance acceptance in the country.

On his part, the commissioner for Insurance/CEO, NAICOM, Olusegun Omosehin clamoured for empowerment of professionals and stakeholders through enhanced knowledge and awareness, urging the new NCRIB president to uphold integrity, transparency and professionalism in all its engagements.

He said building trust through consistent performance, clear communication, and fair practices is crucial for ssectoral growth. He added that “in insurance, perception and performance are inseparable. Trust grows when our actions meet stakeholder expectations. Under Mrs Ezeibe’s leadership, I am confident the NCRIB will champion these imperatives and drive our industry toward greater excellence.”

Explaining the roles of insurance brokers in a changing risk landscape, he said, in today’s dynamic environment, brokers must evolve to meet emerging risks, which include; “providing client-first risk advisory, not product-driven solutions, ensuring transparent placement with clear wordings and quality coverage and leading claims processes with data-driven, empathetic approaches.”

Urging brokers to leverage digital tools to reduce costs while maintaining ethical standards, he called on the council to professionalise these capabilities through training, peer review, and accountability, ‘as the reputation of our market is inseparable from the reputation of its brokers.’

He says, “NAICOM’s stance is simple: deliver only what you can support, and support everything you deliver. Clear promises and prompt service build trust—and trust drives penetration. We invite the NCRIB, under Mrs Ezeibe’s leadership, to actively partner with the Commission in implementing the provisions of NIIRA 2025. NAICOM remains open to dialogue and committed to harmonising the roles of all industry players.”

Advising the new NCRIB president to ensure her tenure is defined by bold decisions, ethical leadership, and transformative impact, he added that the future of the industry depends on visionary leaders like her.. Together, let us build an insurance market that serves Nigerians better and strengthens our economy, he pointed out.

Giving her acceptance speech, the new NCRIB president, Mrs Ezeibe, promised to build on the legacies of her predecessors, while assuring increased awareness on the need for Nigerians to engage brokers’ service when underwriting their risks.

Stating that she will work with relevant bodies on implementing the NIIRA 2025, he assured brokers that her tenure will also embark on capacity building for brokers, especially as the world of business transforms from manual to digital operations.

Earlier, the outgoing president, Prince Babatunde Oguntade, implored brokers and relevant players in the insurance space to extend their support to the new president so that she can excel, just like they did for him.