Sunday, August 3, 2025
23.7 C
Lagos

Brokers Target Generation of 90% Premium in Insurance Sector

 

 

L-R: Mr. Atanda Olatokunbo, Controller, Internal Audit & Compliance, Nigerian Council of Registered Insurance Brokers (NCRIB); Falade Adedayo, Assistant Executive; Mr. Tope Adaramola, Executive Secretary/CEO and Mr. Dele Ayeleso, Corporate Communications Manager when members of the Insurance & Pension Editors of Nigeria (IPEN) paid a courtesy call on the leadership of NCRIB in Lagos yesterday.

The Nigerian Council of Registered Insurance Brokers (NCRIB) says the future target of brokers is to generate as much as 90 percent of premium income in the Nigerian insurance industry from the current level of 60 percent.

The Nigerian Insurers Association (NIA) said earlier that insurance brokers facilitated 60 percent of businesses in the insurance sector in the 2022 financial year.

Mr. Tope Adaramola, Executive Secretary/CEO of the NCRIB said in Lagos yesterday during a courtesy visit on the Council by members of the Insurance & Pension Editors of Nigeria (IPEN) that though brokers have been active intermediaries in the insurance value chain over the years, the brokerage fraternity intends to further increase its contribution in terms of revenue generation in the sector to 90 per cent.

Urging individuals and corporates to channel their risk underwriting through registered brokers who would properly advise policyholders on the right cover for their risks, he added that registered brokers are in a better position to interpret the terms and conditions of insurance policies to policyholders to know ahead of time what their insurance policies covers and likely exemptions.

He promised that brokers will not relent in their efforts to increase its stake in the growth of the industry through its awareness programmes across the six geo-political zones of the country in a bid to enhance insurance penetration, adoption and acceptance in the country.

He pledged the Council’s support to the programmes of IPEN, believing that the industry needs more players in the area of advocacy to increase acceptance and contribution of insurance to the nation’s Gross Domestic Product (GDP).

“I have listened to your President reeling out the lofty plans of the Group to increase insurance and pension penetration through developmental journalism and I must confess, they were all new and laudable initiatives that, when well implemented, will turn around the fortunes of the insurance industry.”

He said the goal of the new association and that of the Council are in agreement in the area of advocacy, urging IPEN to see NCRIB as a partner in progress and should not hesitate to call upon the Council when the need arises.

spot_img
spot_img

Hot this week

SEC: Why We Granted “No Objection” to First Holdco Transaction

The Securities and Exchange Commission (SEC) Nigeria wishes to...

Capital Market to Unlock $500bn Assets via Commodities Exchanges, Warehouses

The Director General, Securities and Exchange Commission (SEC), Dr....

SEC Disowns AGM of Tourist Company of Nigeria, Reaffirms Regulatory Oversight

The Securities and Exchange Commission (SEC) has disowned the...

NCDMB Leads Push for Homegrown Talents at Chevron-funded HCD Graduation

The Nigerian Content Development and Monitoring Board has reaffirmed...

Linkage Assurance Reports 50% Revenue Growth in 2024

L-R: Funkazi Koroye-Crooks, Non-Executive Director; Moses Omoregbe, Company Secretary;...

Topics

Union Bank, PAPSS Simplify Cross-Border Transactions

To deliver simpler, smarter banking solutions, Union Bank of...

Ecobank Deepens Financial Inclusion with EcobankPay Zone

The Managing Director, Ecobank Nigeria, Patrick Akinwuntan, has launched...

Optimism Reigns in 2015 Insurance Industry Outlook

Despite falling oil prices and post-election uncertainties,the Nigerian insurance sector is looking into the future with broad optimism and confidence. Mr. Fola Daniel, Commissioner for Insurance, National Insurance Commission (NAICOM) says the industry is undergoing rapid transformation, thus requiring the strategic support of operators and other relevant stakeholders to enable the industry occupy its rightful position in the forefront of the financial services sector in Nigeria.

Stanbic IBTC Donates N250m in the Fight Against COVID-19

    Yinka Sanni CEO Stanbic IBTC Holdings Plc Stanbic IBTC Holdings PLC, a...

Sovereign Trust Insurance at the 2025 CIIN Insurance Week

Members of staff of Sovereign Trust Insurance Plc flanked...

UBA Group to Commence Full Banking Operations in France

As part of President Bola Ahmed Tinubu's state visit...

5 WAYS TO KEEP YOUR SANITY IN STORMY TIMES

          Globally speaking, we live in a dispensation where socio-economic...

NAICOM Terminates Bancassurance Plan with CBN

The National Insurance Commission has terminated its Bancassurance...
spot_img

Related Articles

Popular Categories

spot_imgspot_img