Brokers, LCCI to push insurance penetration in Nigeria

The Nigerian Council of Registered Insurance Brokers (NCRIB) is collaborating with the Lagos Chamber of Commerce and Industry (LCCI) to further push the values of insurance across sectors of Nigeria’s economy.

The country’s insurance penetration is less than one percent, with the sector contributing barely 0.3 percent to GDP despite the huge population.

Experts believe there are lots of opportunities and potentials yet to be explored, hence the need for more awareness about the benefits of insurance.

Michael Olawale-Cole, president of the LCCI, gave the assurance when members of the NCRIB, led by its president, Rotimi Edu, paid a courtesy visit to the chamber.

Olawale-Cole said the chamber would be offered to insurance brokers to propagate the values of insurance to business and commerce.

The LCCI’s president noted that the two organizations would have a lot to do together under his administration and urged members of NCRIB to join the chamber.

Also speaking, NCRIB president, Edu stated that the visit to the LCCI was part of the brokers’ strategic engagement with professional bodies in a bid to broaden the frontiers of its relevance among the organized private sector in Nigeria.

Edu urged that the chamber should use its platform to educate its members on the importance of all the compulsory insurance, adding that the insurance industry was not yet where it should be in terms of patronage and public acceptance

He said, “we will appreciate that your chamber gets the NCRIB involved in some of your programmes both at international and national levels by giving room for the council to tell the story. If the chamber preaches this to all its members, it will ensure comfortability in times of claims.

Modestus Anaesoronye

Modestus Anaesoronye is a leading Nigerian financial journalist with over two decades of experience reporting on the insurance and pension sectors across Nigeria and West Africa. He has held key editorial positions at major national media outlets, including The Comet, The Nation, and Financial Standard, and currently serves as a Senior Financial Analyst at BusinessDay Media Ltd. A widely travelled reporter, he has covered industry developments in more than 14 countries across Africa and Asia. Anaesoronye is a multiple award-winning journalist, honoured several times as Insurance Journalist of the Year and Pension Journalist of the Year by recognised industry bodies, including PensionScope and the Pension Fund Operators Association of Nigeria (PenOp), among others.