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NCRIB, LCCI, other to strengthen sector’s penetration


Muda Yusuf, LCCI Boss.

The Nigerian Council of Registered Insurance Brokers (NCRIB) has taken insurance gospel to the Lagos Chamber of Commerce and Industry (LCCI) and Nigerian-German Business Association (NGBA) to approach their members of both institutions to further boost insurance penetration in Nigeria in Nigeria.

According to NCRIB, the proposed partnership will drive members of the two trade bodies to have insurance cover especially for their businesses against any danger, and other forms of unforeseen events capable of threatening further existence of their trade.

The Executive Secretary NCRIB, Fatai Adegbenro, who led the NCRIB delegations to LCCI office in Lagos over the weekend, revealed that the council is poised to assist Chamber’s members to remain in business through risk management.


Bearing in mind the challenging business environment where members of the Chamber operate, Adegbenro noted that insurance remains the best instrument to mitigate any loss to business. He stressed the need to patronise only registered insurance brokers under the aegis of Nigerian Council of Registered Insurance Brokers.

In a relative development, Adegbenro, who also led the Council’s delegation on a courtesy visit to Nigerian-German Business Association highlighted the benefits of engaging insurance brokers as a go between for insurance transaction.

He said finding the right level of insurance cover can be a time-consuming and expensive task for members of the association, hence, the need to engage insurance brokers is always the best.

However, using an insurance broker does not cost more added that brokers are paid a commission by the insurance provider for selling their products.

Director General, LCCI, Muda Yusuf, who received the NCRIB delegation urged insurance industry to upscale rate of awareness campaign especially, among the low level income earners. He said, “the rate of awareness is still very low, and the two organisations need to collaborate to deal with the situation.

“I appreciated the value of insurance coverage when there was fire incident that consumed one of the Chambers’ apartments. Our Brokers swung into action and a claim of N30 million was paid to the Chamber. Public enlightenment and sensitisations on the need for insurance and the use of insurance brokers should be the first step on collaboration.”

Yusuf however pledged the commitment of the Chamber to collaborate with the Council especially on the need to raise the level of insurance awareness, further urged the Council to fish out unregistered insurance brokers practicing unethically.

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