Brokerage fraternity moves to enhance value proposition in AfCFTA

The brokerage fraternity of the nation’s insurance industry is seeking growth opportunities and how it can play actively in the African Continental Free Trade Area (AfCFTA).

Playing under its umbrella body, the Nigerian Council of Registered Insurance Brokers (NCRIB), they believe that their role is important in complimenting the efforts of the insurance industry towards growing the African market and contributing to economic growth of the continent.

Ekeoma Ezeibe, chairperson of the Nigerian Insurance Industry Committee on AfCFTA speaking at a workshop organised for brokers emphasised the need for capacity building to enhance knowledge on the subject matter.

She urged regulators, especially, the National Insurance Commission (NAICOM) to use the tool of regulations to smoothen rough edges in the earlier trade agreements in a move to increase opportunities for Nigeria under AfCFTA.

She said that the workshop with the theme: “Preparing the insurance brokers for the take-off of the African Continental Free Trade Area aims at equipping brokers with critical knowledge and skills necessary to navigate the emerging opportunities and challenges of the AfCFTA.

In his opening remarks, Olusegun Ayo Omosehin, commissioner for Insurance at NAICOM represented by Usman Jankara, deputy commissioner, Technical, highlighted the importance of preparing Nigerian insurance brokers for the increasing competition and evolving regulatory landscape brought about by AfCFTA.

The workshop emphasized key areas such as capacity building in risk management, underwriting, and claims administration; upholding professionalism and integrity; embracing digital transformation; understanding regional markets; and fostering collaboration across the industry.

NAICOM boss reaffirmed its commitment to supporting Nigerian insurance brokers, underscoring the need for brokers to enhance their value proposition to remain competitive.

Emily Mburu-Ndoria, the director of Trade in Services, Investment, Intellectual Property Rights (IPR), and Digital Trade at the AfCFTA Secretariat, Ghana, underscored the crucial role of mutual recognition agreements in facilitating seamless insurance sector integration across African nations. Her remarks came during a session at the Nigerian Insurance Industry AfCFTA Committee’s workshop held in Lagos.

Mburu-Ndoria emphasized that while the African Continental Free Trade Area (AfCFTA) promotes liberalisation of services, it does not negate the importance of domestic regulations. She clarified that mutual recognition agreements between regulators are vital for enabling cross-border insurance operations without the need for additional registrations in other countries.

Eric Omozejele, deputy-managing director of Insurance Brokers of Nigeria Limited, in his paper presentation at the workshop, highlighted the need to build capacity.

He said, “There is a need for capacity building. Without it, there is no way you can offer anything. Whether it is through training or access, we need to do what is required to operate under this agreement because the market has been opened for us to access.

“As a broker, you need to go to other countries, research, review, and understand the regulatory issues that are there for you to operate effectively.”