The National Insurance Commission (NAICOM) as part of the ongoing push on insurance awareness, has secured fresh collaboration with the Nigerian Council of Registered Insurance Brokers (NCRIB) for the deepening of Insurance market in Nigeria with a particular reference to the new front for insurance policies sales- web aggregators.
The Commissioner for Insurance, Mr. Sunday Thomas, renewed the collaboration during a courtesy visit by management of the Nigerian Council of Registered Insurance Brokers (NCRIB) led by the Council’s President, Mr. Rotimi Edu. He said new level sought by the Commission reflects its present growth initiatives and fits into the role of insurance brokers as critical segment of the insurance industry which is needed to be factored into the industry’s ongoing growth initiatives
Thomas also latched on the visit to scale up the need for appropriate pricing of risks to avoid a situation which could lead to a diminution of the reserves and solvency of the industry, for which urgent steps were being taken by NAICOM to stir the industry away and avoid its occurrence.
Earlier, Mr. Edu had applauded the phenomenal strides of the Commission in fostering better industry unity and cohesion. He intimated the Commissioner with the various initiatives by the Council to grow the industry and ensure adherence to ethics by brokers.
Edu particularly said that the Council would soon introduce the use of professional seal as a distinctive mark for all brokers in the fold of the NCRIB, an initiative that the Commissioner for Insurance applauded noting it would aid the Commission’s regulatory oversight over brokers.
He also expressed the resolve of the brokers to collaborate and support the initiatives behind the Webb Aggregators, noting it would lead to greater creativity and spread of insurance brokers’ presence in areas of the country where they were presently non-existent and were needed.