NCRIB urges traders on insurance adoption

The Nigerian Council of Registered Insurance Brokers (NCRIB) has urged the Balogun Business Association (BBA) and ASPAMDA Market traders to adopt insurance products to protect their assets against any unforeseen circumstances.

The Council, at the 2025 United Nations Development Programme (UNDP) Insurance Literacy and Consumer Protection Campaign held in Lagos, noted that insurance remained the best option to create wealth.

Addressing the Association, the President of the Council, Prince Babatunde Oguntade, assured them of the readiness of the Council to collaborate with the executives of the association on tailor-made insurance products.

Oguntade noted that insurance has the responsibility to provide a guarantee of compensation for specified losses.

According to him, the Council would ensure the traders get the best coverage at the best price.

Speaking also at the meeting, the Controller Technical of NIA, Soji Oni, explained risk management mechanisms for market risk improvement.
Oni said that businesses are faced with different risks or unforeseen circumstances and that the best risk treatment is insurance.

“For traders, we believe the right insurance product backed up with risk improvement recommendations will be the cornerstone of their business’s success, providing them with the necessary security, peace of mind, and confidence to navigate unexpected occurrences,” Oni said.