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Brokers want government to secure railroads with policy cover

By Bankole Orimisan
17 December 2019   |   3:50 am
The Nigerian Council of Registered Insurance Brokers (NCRIB) has called on the Federal Government to ensure the huge investment in railroads is safeguarded

The Nigerian Council of Registered Insurance Brokers (NCRIB) has called on the Federal Government to ensure the huge investment in railroads is safeguarded by embracing insurance policy adoption.

The President, NCRIB, Mrs.Bola Onigbogi, made the call at the December 2019 Edition of NCRIB Members Evening, hosted by African Alliance Plc, in Lagos.

She commended the government for the enhancement of public transportation in Nigeria through the strengthening of the nation’s railway system.

“Aside from aiding commerce and reducing road accidents, the railway system will also create more jobs for Nigerians.

“However, the government is hereby implored to ensure that the huge investment in that sector is safeguarded through embrace of insurance. This, to us, is one of the prudent ways to protect this great national asset and guarantee that it endures,” she said.

She also applauded the government over the closure of the country’s land borders against neighbouring countries, stressing that to all intents, the move was quite salutary as it would protect local production of goods and services.

She, however, advised the government to use the opportunity of the closure to encourage the acceleration of local capabilities, so that its strides towards self-sufficiency would be guaranteed.

“It is a fact that no country could wholly depend on foreign countries for survival, but this must come with utmost sincerity on the part of the government,” she added.

She also used the occasion to refute the allegations credited to the Corps Marshall of the Federal Road Safety Corps, Boboye Oyeyemi, who was said to have accused brokers of taking advantage of the ignorance of travelers to deny them of compensations in the event of mishaps.

“The Council views this comment as a clear exhibition of the ignorance and poor perception of the FRSC about who a Broker is and what his roles are in the insurance value chain. Insurance Brokers do not pay compensation to clients, and in this case, motorists.

“This type of misinformation has simply underscored the depth of ignorance even in high quarters about who we are and we have to quickly commence our engagements with these critical segments of our society, including the FRSC under my tenure as President,” she stated.

The Managing Director/Chief Executive Officer of African Alliance Plc, Funmi Omo, used the event to inform brokers of the giant strides the company had made in less than two years while restating the management’s commitment to sustaining the upward growth trajectory across all metrics.

She said the company’s business is one that has “seen it all and survived it all. Our position in just two years compared to now is testament to the unstinting leadership and guidance of our board, the relentless drive of the executive management and a most committed and flexible staff who never shies away from challenges in any form,” Omo said.

According to her, the company’s premium income grew by 68 per cent from N3billion at the end of third quarter 2018 to N5.12 billion at the end of third quarter 2019.

She said by the end of the third quarter, the company paid claims of about N6billion to keep up with its promises of maintaining customer amazement.