Insurance brokers role seen lifting sector contribution to GDP

With the insurance brokerage fraternity contributing 70 percent of the industry’s total annual premium, its role has been emphasised as critical in enhancing the sector’s contribution to gross domestic product (GDP).

The industry regulator in this vein, is seeking further collaboration that enhances the role of brokers in not only expanding the market but also driving the desired industry growth initiatives.

Olusegun Omosehin, the chief executive officer, National Insurance Commission (NAICOM) underscored the pivotal place insurance Brokers occupy in the nation’s insurance ecosystem and noted the intention of the Commission to further strengthen and support its regulatory body to effectively discharge its self-regulatory functions.

Omosehin, stated this when the delegation of the Nigerian Council of Registered Insurance Brokers (NCRIB), led by Babatunde Oguntade, its president paid the Commissioner a courtesy visit in Abuja.

The Insurance Commissioner disclosed that more than 70 per cent of insurance businesses recorded annually came from Insurance Brokers, noting that the Commission was ready to maximise the advantage position of the Brokers to drive the desired industry growth initiatives under the new leadership of the Commission.

Read also: FG taps insurance brokers to deepen reforms, policies

While asserting that the insurance industry had the potential to play a catalytic role in buoying up the nation’s economy, Omosein noted that the current contributions of the industry to the nation’s Gross Domestic Product must be enhanced to earn the industry its desired position within the nation’s financial ecosystem.

Earlier, Babatunde Oguntade, president, NCRIB applauded the new leadership and management of the Commission and averred that the Council was in tune with the innovative and progressive initiatives being berthed in the Commission to deepen insurance growth in the country.

Oguntade pledged the support of the Council towards mobilising the support of Insurance Brokers for better performance of the insurance industry in compliance with the Anti Money Laundering and Countering Financing Terrorism (AMCFT), with a view to removing the country from the unenviable list.

He stated that the Council had strengthened its internal disciplinary organs to ensure enforcement of the required high ethical standards and discipline amongst its members, and by so doing play up its self-regulatory roles that would complement the efforts of NAICOM in ensuring sanity in the insurance market.