Naicom strengthen ties with brokers’ to deepen insurance

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By Favour Nnabugwu

 The National Insurance Commission (NAICOM) has strengthen ties with Insurance Brokers in the country to further deepen insurance market in Nigeria.

The Commissioner for Insurance, Mr. Sunday Thomas, during a courtesy visit to the Commission by Management of the Nigerian Council of Registered Insurance Brokers (NCRIB) led by the Council’s President, Mr. Rotimi Edu, noted that Insurance Brokers constituted a critical segment of the insurance industry whose roles are being factored into the industry’s ongoing growth initiatives

Thomas utilized the visit to highlight some issues being combated by the Council of which appropriate rating of risks was one. He opined that inappropriate rating of insurance risks had led to a diminution of the reserves and solvency of the industry, for which urgent steps were being taken by NAICOM.

Earlier, Edu had applauded the phenomenal strides of the Commission in fostering better industry unity and cohesion. He intimated the Commissioner with the various initiatives by the Council to grow the Insurance Industry and ensure adherence to ethics by Brokers.

 Edu particularly disclosed that the Council would soon introduce the use of professional seal as a distinctive mark for all Brokers in the fold of the NCRIB, an initiative that the Commissioner for Insurance applauded noting it would aid the Commission’s regulatory oversight over Brokers.

 He also expressed the resolve of the Brokers to collaborate and support the initiatives behind the Webb Aggregators, noting it would lead to greater creativity and spread of insurance brokers’ presence in areas of the country where they were presently non-existent

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