• Friday, February 23, 2024
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NCRIB broadens insurance frontier with UK

Insurance industry repositioned to serve Nigerians better – NCRIB

The frontiers of Insurance Broking practice in Nigeria have been further extended with an assurance of international trade support from the Nigerian High Commission in the UK.

The assurance was received when a delegation of the NCRIB led by its president, Rotimi Edu visited the office of the Nigerian High Commissioner to the UK, Sarafa Tunji Isola.

The High Commissioner expressed the willingness of The Nigerian High Commission to support registered insurance brokers under the aegis of the NCRIB by facilitating exposures for their services through the trade office of the Embassy in the UK.

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He noted that with the Brexit, more windows of opportunities were coming the way of Nigeria to vigorously pursue business relationships with the UK and this would include services, not excluding insurance.

Isola expressed delight in the changing face and relevance of insurance to Nigeria’s national economic development, particularly applauding insurance brokers for continuously enhancing acceptance of insurance by many Nigerians as against the previous situation.

Speaking earlier, the President of the Nigerian Council of Registered Insurance Brokers, Rotimi Edu, had informed the High Commissioner that the delegation of the Council was in the UK to attend the 2022 British Insurance Brokers (BIBA) Conference in Manchester and that it was expedient to pay a courtesy visit to the High Commissioner.

Edu drew a correlation between the insurance industry and the UK, noting that the two had a shared heritage and that the insurance industry in Nigeria had a lot to be inspired from the UK, going by the importance attached to insurance to every facet of the national life of the people in that country. .

He appealed for support and collaboration from the Nigerian High Commission in the area of trade relationship, stressing that the industry was getting over the challenges of inadequate capital and insufficient professional expertise to handle huge risks.

Edu averred that the NCRIB under the present leadership had given a pride of place to strategic engagements both locally and internationally and that the Council was open to more collaboration with UK institutions given the fact that insurance is a global profession and business.

The event marked the first time that the delegation of the Council would have the opportunity of such visit, a situation that had been applauded as being a quantum leap in the reputational value of the Council and the entire insurance industry in Nigeria.