The Nigerian Council of Registered Insurance Brokers (NCRIB) has commenced discussions with the leadership of Lagos Chamber of Commerce and Industry (LCCI) and Nigerian-German Business Association (NGBA) on the possibilities of leveraging on the membership of both institutions to further deepen insurance penetration in Nigeria.
The proposed partnership will encourage members of the two trade bodies to have insurance cover especially for their businesses against any peril, and other forms of unforeseen events capable of threatening further existence of their trade.
Executive Secretary of the Nigerian Council of Registered Insurance Brokers, Mr. Fatai Adegbenro who led the NCRIB delegations to LCCI office in Lagos at the weekend said that the Council is poised to assist Chamber’s members to remain in business through risk management.
Bearing in mind the challenging business environment where members of the Chamber operate, Mr. Adegbenro noted that insurance remains the best instrument to mitigate any loss to business. He stressed the need to patronize only registered insurance brokers under the aegis of Nigerian Council of Registered Insurance Brokers.
In a relative development, Mr. Adegbenro, who also led the Council’s delegation on a courtesy visit to Nigerian-German Business Association highlighted the benefits of engaging insurance brokers as a go between for insurance transaction.
He noted that finding the right level of insurance cover can be a time-consuming and expensive task for members of the association, hence, the need to engage insurance brokers.
According to him, using an insurance broker does not cost more added that Brokers are paid a commission by the insurance provider for selling their products.
Director General, LCCI, Mr. Muda Yusuf who received the NCRIB delegation in his office urged insurance industry to upscale rate of awareness campaign especially, among the low level income earners. He said, ‘the rate of awareness is still very low, and the two organizations need to collaborate to deal with it’.
“I appreciated the value of insurance coverage when there was fire incident that consumed one of the Chambers’ apartments. Our Brokers swung into action and a claim of N30 million was paid to the Chamber. Public enlightenment and sensitizations on the need for insurance and the use of insurance brokers should be the first step on collaboration”.
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