Business Journal


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.

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