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NAICOM, brokers move to intensify insurance policy uptake

By Bankole Orimisan
28 March 2022   |   2:33 am
The National Insurance Commission (NAICOM) has collaborated with the Nigerian Council of Registered Insurance Brokers (NCRIB) to expand the insurance market.

NAICOM

The National Insurance Commission (NAICOM) has collaborated with the Nigerian Council of Registered Insurance Brokers (NCRIB) to expand the insurance market.

The Commissioner for Insurance, Sunday Thomas, during a courtesy visit to the Commission by NCRIB, said insurance brokers constituted a critical segment of the industry and that their roles are being factored into the industry’s ongoing growth initiatives.

Thomas highlighted some issues being combated by the council, one of which the appropriate rating of risks.
He said that inappropriate rating of insurance risks had led to a diminution of the reserves and insolvency of the industry.

The Council’s president, Rotimi Edu, applauded the phenomenal strides of the Commission in fostering better industry cohesion.
He intimated the Commissioner with the various initiatives by the council to grow the insurance industry and ensure professionalism by brokers.

Edu, particularly, disclosed 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.

He also expressed the resolve of the brokers to collaborate and support the initiative behind the Web Aggregators, noting that it will lead to more creativity and deepen brokers’ presence.

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