Stakeholders Harp On Need For Government To Patronize Local Insurers

L-R: Vice President, LCCI, Mr. Gabriel Idahosa;Vice President, NCRIB, Mrs. Ekeoma Ezeibe; Deputy President, NCRIB Mr. Tunde Oguntade and President, NCRIB, Barr. Rotimi Edu, at the event.

Insurance stakeholders today emphasized the need for all including government to patronize Local insurers to build capacity for their massive insurance deals.

The stakeholders who made the call during the special insurance day organized for the Nigerian Council for Registered Insurance Brokers (NCRIB) at the 2021 Lagos International Trade Fair also urged Nigerians to embrace insurance and take advantage of it’s numerous inherent benefits to better their lots.

President, Lagos Chamber of Commerce and Industry (LCCI) Mrs.Toki Mabogunje while speaking at the occasion called on the industry to rise to the task of providing adequate and professional insurance covers for wiling policy holders.

According to her “we urge insurance companies to build capacity in handling big international deals for the oil and gas, maritime, and aviation sectors who hitherto engage foreign insurance brands for their top-rated insurance transactions.

”We also call on government to patronize local insurers for their massive insurance deals henceforth,

”The insurance sector must rise to the task of providing adequate and professional insurance covers for wiling policy holders,” she said.

Mabogunje said risk management and business continuity have become critical factors in enterprise sustainability and prosperity in the post-pandemic era, adding that “We are in world of growing uncertainties, emerging risks, and exposure to danger in the society.”

While emphasizing the need for enlightenment campaigns to create awareness among Nigerians to get them educated on the benefits of insurance policies for mitigating against risks and uncertainties, she urged Nigerians to embrace insurance.

LCCI boss described insurance as critical to business, economy sustainability and national growth.

Earlier in his opening remarks, the NCRIB President, Barr Rotimi Edu, said the focus of his administration is “Broker Centricism,” and expressed the Council’s preparedness to drive the industry growth through awareness.

Edu who expressed worrisome on the the issues of building collapse especially the most recent 21-Story building at Gerard Street which he said did not have insurance cover, and called on government and other relevant authorities to ensure enforcement of compulsory insurances.

While calling on Nigerians to patronize insurance brokers for their insurance need, Barr Edu dispelled the misconceptions that insurance industry don’t pay claims, stating that the industry is paying genuine claims and that the issue of non-claim payment was in the past.

Edu who described insurance as bedrock of every economy, stated that NCRIB In collaboration with other stakeholders are working assiduously to increase insurance accessibility and acceptability through enlightenment campaign.

Edu said the number of life insurance, vehicle insurance and property insurance policy holders in the country was very abysmal, adding that his administration was working to increase its acceptability.

He said the country has over 400 registered insurance brokers, adding that the aim was to ensure its spread to the 774 Local Government Areas.

Speaking on the topic “Why Insurance,” the President, African Insurance Organisation and Managing Director/Chief Executive Officer, NEM Insurance Plc, Mr Tope Smart, represented by Muhammed Rahman, defined insurance as risk transfer mechanism where insured risks are transferred insurance companies in return for payment of a specified amount known as premium.

He said insurance provide a guarantee of compensation for specific loss, damage, illnesses, or death.

Other benefits of insurance according to him are protection against financial losses and compensation for premature death or permanent disability; it supports and enhances economic growth; insurance sustains economy supply chain and enhances job creation.

He called on Nigerians to always get their insurance policy through Brokers, even as he described insurance as a principal thing for any individual and economy generally.

On his part, Mr. Samuel Ogbodu, Chief Executive Officer, Sunu Assurances Nigeria Plc, said insurance companies paid over N9 billion to claimants affected by the 2020 #EndSARS destruction.

He said the importance of underwriters could not therefore be overemphasized in the sustainable development of a country.

The NCRIB Deputy President, Mr. Tunde Oguntade, and Vice President, Mrs. Ekeoma Ezeibe, who spoke respectively on “Insurance From Brokers Perspective, and Insuring the Nation, Our Task,” provided insights on the roles of the Brokers In the insurance value chain and the duties of the Brokers In insuring the the nation.