• Tuesday, April 23, 2024
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Insurance industry repositioned to serve Nigerians better – NCRIB

Insurance industry repositioned to serve Nigerians better – NCRIB

The Nigerian Council Of Registered Insurance Brokers (NCRIB), said the insurance industry has been repositioned to serve Nigerians better and assured policyholders of a new regime of seamless payment of genuine claims.

Rotimi Edu, the president of NCRIB, who disclosed this at a press conference marking its 60th National Insurance Conference and Exhibition, said the insurance industry has a long history that spanned over 100 years and contributed considerably to the growth of the Nigerian economy.

Edu said the Council has introduced its professional seal as a distinctive mark for all brokers within the fold of the NCRIB which is tenable in the court of law.

He emphasised that underwriters (insurers) must not rest on their oars but do a lot more, especially in the area of insurance education for people to understand what insurance was all about and trust the underwriters

Read also: Insurance Brokers urged to comply with sector regulations, build capacity for growth

On the need for Nigerians to have insurance cover for their assets and life, the NCRIB president said it will save the federal government a lot because the government will not use infrastructure savings to support people who need humanitarian support.

Edu further identified core risk areas such as financial crimes and kidnapping policies, which he described as novel, he urged banks to have such cover for their customers as the loss can be colossal.

“We have policies that can take care of that liabilities. So, we have covers to protect investors. Companies can also insure the lives of their staff or key personnel from being kidnapped,” he said.

On his part, Feyisayo Soyewo, the immediate past president of NCRIB, said insurance companies are now strong enough to pay all claims, adding that there are treaties now signed with insurers of insurance.