Insurance Industry Repositioned To Serve Nigeria Better – NCRIB

The Nigerian Council Of Registered Insurance Brokers has said the insurance industry has been repositioned to serve Nigerians better, assuring policyholders of a new regime of seamless payment of genuine claims.

Insurance claim is a formal request for compensation made by a policyholder from an insurance company for loss (es) suffered under the terms/conditions of the policy.

The president, NCRIB, Rotimi Edu who disclosed this during a press conference heralding its 60th National Insurance Conference and Exhibition said the insurance industry had a long history that spanned over 100 years and had contributed considerably to the growth of the economy.

Edu noted that the Council has introduced its professional seal as a distinctive mark for all brokers in the fold of the NCRIB which is tenable in the court of law.

He further stressed that underwriters (insurers) must not rest on their oars but do a lot more, especially in the area of insurance education for people to understand what insurance was all about and trust the underwriters

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On the need for Nigerians to have insurance cover for their assets and life, he said it will save the federal government a lot because the government will not use infrastructure savings to support people who need humanitarian support.

Speaking further, he identified core risk areas such as financial crimes and kidnapping policies, which he described as novel, he urged banks to have such cover for their customers as the loss can be colossal.

“We have policies that can take care of that liabilities. So, we have covers to protect investors. Companies can also insure the lives of their staff or key personnel from being kidnapped,” he said.

Also, the immediate past president, NCRIB, Feyisayo Soyewo said insurance companies are now strong enough to pay all claims. He added that there are treaties now signed with insurers of insurance.