Old Mutual fraternises with insurance brokers Tuesday

Old Mutual Life Assurance, member of the Old Mutual Group, one of the latest foreign entrants into the nation’s insurance industry, will this Tuesday be fraternising with insurance brokers, and also using the opportunity to unveil its package to the a group that controls the largest share of the insurance market in terms of business generation. Nigerian insurance brokers who are in excess of 400 in terms of membership is the largest in the whole of Africa.

The month of April 2014 edition of the Members’ Evening of the Nigerian Council of Registered Insurance Brokers is to hold next Tuesday, April 29, 2014, at the Insurance Brokers House, 58 Moleye Street, Alagomeji, Yaba, Lagos, starting from 3pm.

According to Tope Adaramola, director of communications of the NCRIB, the bi-monthly event is to be utilised by the host company to enlist the support of insurance brokers for the market expansionist strategy of the company.

The Members’ Evening has remained a veritable platform for networking between insurance underwriters and insurance brokers under the aegis of the NCRIB in order to grow the market strength of the former, Adaramola said.

It is a common belief that the Nigerian insurance market is a brokers-market, considering the fact that no fewer than 70 percent of insurances underwritten by insurance companies are placed through brokers. This is the reason why many underwriters take advantage of the Members Evening to grow their market share through brokers.

Adaramola disclosed that Old Mutual will utilise the platform to apprise the brokers with its market initiatives and curry their support for progress.

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