NCRIB tasks government on compulsory cover for construction

The Nigerian Council of Registered Insurance Brokers of Nigeria (NCRIB), has called on the Federal Government to adopt insurance policy into its housing programme at the construction stage to unlock the potential in the industry.

The President, NCRIB, Shola Tinubu, who spoke to The Guardian after a news conference in Lagos, said insurance should be given its rightful place in such projects in line with Sections 64 & 65 of the Insurance Act 2003, which stipulates a compulsory cover for ongoing construction projects.He also lauded the Government’s Right-to-Own project, designed to enhance affordability by eliminating the need for down payments and other costs associated with normal mortgage loan arrangements, stressing that this will go a long way to addressing the housing deficit challenge.

The Government recently announced that about N197billion would be invested in the construction of 26,002 houses nationwide, while 13,953 homes were also renovated. 
Tinubu added: “It therefore behoves the Federal Government to insist that appropriate insurance policies be put in place for these houses at the construction stage for the win-win benefits the project holds for government, the allottees and their families.”

Speaking on the 2019 election, and the potential negative effects on the socio-economic development of the nation, he urged brokers to stay above party politics. 
On the future of the profession, he said the NCRIB ent has almost concluded a 10 year strategic plan for the Council and insurance broking, adding that the Council at its CEOs Retreat held recently in Uyo, Akwa Ibom State, discussed the input of the strategic plan to allow members have a buy in. 

On training, he noted that in line with the mandate of the current management, the Council has sustained its tempo of training, adding that in the last quarter, it organised about four professional training. These are Advanced Oil & Gas Training; Contemporary Regulatory Issues training; Risk Pricing, and Bidding and Evaluation.

He lauded the National Insurance Commission (NAICOM), for the zero draft guidelines issued to broking firms, stressing that the opportunity provided for brokers to make input into the Zero draft Guideline would enrich it.“The guidelines are currently being reviewed by the Technical and Legal Committees of the NCRIB for our final input. We believe that if our suggestions and input are favourably considered, the Commission will definitely come out with a more robust and acceptable document for all stakeholders,” he said.