Naicom directs brokers to move closer to govt on security risk

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L- President of the Nigerian Council of Registered Insurance Brokers, NCRIB, Mr Rotimi Edu, Commissioner for Insurance, Mr Sunday Olorundare Thomas and Head Corporate Communication & Market Development, Mr AbdulRasaaq Salami at the opening ceremony of the 2022 Insurance Brokers Conference &Exhibition..
By Favour Nnabugwu
National Insurance Commission, Naicom, has directed insurance brokers to move closer to the federal government on security risks which are not covered within the usual risk premium calculation
Commissioner for Insurance, CFI, Mr Sunday Olorundare Thomas who spoke at the NCRIB 2022 National Insurance Brokers Conference & Exhibition in Abuja, said it is important to get closer to the government so as to deliberate on how best the security risk can incorporated in the insurance business.
Thomas who was at the event with the Deputy Commissioner for Insurance, Technical, Mr Abubakar Saliu and the image maker of the Commission, Mr AbdulRasaaq Salami, said, In insurance business, there risk of emergence and for this, we need to move more closer to government on security risk which are not within risk premium calculation”
The CFI said, “The  insurance sector is becoming more vulnerable. We talk about cyber risk. We need to take the sector to greater heights in terns of technology and we must be upgrading ourselves”
Corroborating the CFI, President of the NCRIB,  Mr Rotimi Edu said the theme for the Conference could not be more apt than now, considering the challenging security situation in the world and the country today.
Edu without mincing words said that insurance and security cannot be divided because one affects the other.
“Needless to state that insurance and national  security affect each other.  There is no way risks exposure which insurance exists to succuor would not be rife in an environment challenged by insecurity.”
“There  are exposures of  lives and properties in a period of social commotion and general insecurity, necessitating the need for the public to have a perfect understanding of their roles towards better acceptance of insurance at a time like this”
 “It  is an irony that just as we speak, the country’s exposure to activities of criminal elements such as Boko Haram and Bandits have been a continuous threat to our collective peace”

On the 60th anniversary celebration, the NCRIB President noted that the brokers body have had series of events before the conference.

“We’ve had the unveiling of our Anniversary Brand Logo, the Maiden Lawn Tennis Tournament and the Awareness Walk. Also, the Diamond Colloquium held in Lagos themed  “60 Years of Insurance Broking: Redefining the Practice and the Practitioners” for which we had the Chairman of Heirs Holdings, Mr Tony Elumelu was grand and well reported. Of equal note was the public presentation of the Anniversary Book and Compendium of Registered Insurance Brokers entitled “Connecting the Past to the future, Redefining the Future” at the Colloquium”
“The  book is impelling reference for all members and the public due to its rich content. I admonish all to get their copies. Happily, in furtherance of the celebrations, we are here for the National Insurance Conference and Exhibitions of the Council themed “Insurance in the Face of National Security”.
“The theme for the Conference could not be more apt than now, considering the challenging security situation in the world and the country today. Needless to state that insurance and national  security affect each other.

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