You recently visited Vice President Yemi Osinbajo on behalf of the brokers. What is the motive of the visit?
I am most delighted to inform you that just recently , precisely, June 28, 2021, I led a delegation of some governing board members on a courtesy visit to the nation’s vice president, Professor Yemi Osinbajo in Abuja. It is my utmost pleasure to inform you that our meeting with the vice president was a successful one where we were able to lay before him, some of the industry’s challenges.
We used the opportunity to solicit for his support to advance our course of making Insurance part of government priorities, especially, in urging Ministries, Departments and Agencies(MDAs) to make adequate provision for insurance in their yearly budgets.
We also used the opportunity to hint him on the progress so far on the ongoing Insurance Consolidated Bill at the National Assembly. The vice president however highlighted the crucial roles of insurance Brokers in the on-going revitalisation of the nation’s economy. Our visit to the number two citizen of the Federal Republic of Nigeria is in partial fulfillment of this administration’s thrust of office, which centered on Strategic Engagement to open more vista of business for members of NCRIB.
Once again, I promise to stop at nothing to ensure that the council becomes an indispensible entity in insurance value chain. We are not relenting on our oars; we will still forge ahead and ensure that no insurance policy will be placed without the input of an insurance broker. I am convinced beyond limit that until the public understand fully the roles of insurance brokers, the allegation of non-payment of claims and other consequential image challenges in the industry would remain.
What is your reaction to expulsion of some insurance companies from the Nigerian Insurers Association?
It was quite unfortunate that recently, the Nigerian Insurers Association (NIA) published in a half page advert the expulsion of three insurance companies, namely, Industrial and General Insurance Co. Limited; Niger Insurance Plc and Standard Alliance Insurance Plc.
According to NIA, the affected companies failed to meet their obligations to policyholders. It was so disheartening that the affected companies were once giants of the industry, contributing immensely to the growth of Nigeria insurance industry.
This issue became subject of discussion on our platforms, not only to x-ray the implication of such advert on the image of the industry but to as well consider the implication on members who have one business or the other with the companies.
As a proactive council, we like to urge members to always critically examine the viability of any underwriting firm before placing business with them. This is because, in recent time, there are allegations involving nonpayment of claims as low as one thousand dollars since 2019. It distressing that in order to save the face of the industry, some brokers have had to pay their clients.
Our investigation committee is inundated with complains of nonpayment of claims. In order to forestall further experiences, I like to appeal that brokers do their proper investigations.
Why do you publish lists of some brokers on the pages of newspapers recently?
One of our statutory responsibilities every year is to publish the names of all eligible members of the Nigerian Council of Registered Insurance Brokers(NCRIB) in national dailies. I like to inform you that it is about the time for the council to carry out this statutory obligation.
Leveraging our past experiences, brokers that failed to meet up with the requirements for the publication, often face lots of challenges in business due to the attendant negative image that non-inclusion attracts.
I therefore urge brokers to regularise their membership status with NCRIB secretariat, pay your subscription to merit the list. Delay may be dangerous!