New policy boosts global support for insurance sector, says NAICOM

Barely three years after the introduction of “No Premium No Cover policy” by the National Insurance Commission (NAICOM) the commission has said that the policy has attracted international support for the industry.

The Deputy Commissioner Finance and Admin, Geogre Onekhena made this known during the 25th anniversary and new Brand identity unveiling of Boff &Company Insurance Brokers Limited, held in Lagos at over the weekend.

According to him, at the initial stage it looked as if the policy was unachiveable but with time operators in the industry adapted to it and it started yeilding positive result.

He said the policy had increased the premium incomes and profits of most companies and thereby improved the industry at large.

On IFRS, he said the policy has become a success story and most companys are now keeping to time making sure their accounts are in order and meet the deadline for submission.

Onekhena added that the performance of insurance companies since the introducton of IFRS has made financial accounts of insurance companies gain international recongnition.

He explained that the commission is not only sensitive to local market but international market to encourage foreign investors into the industry.
He further said that changes are necessary to improve the market, adding that the storm is over in the insurance industry.

He also said the commission has up its game and have introduced some changes in the industry.

The changes he said will be reveal with time, adding that they want to set up standard that each operator will be hold accountable for.

However, the Chairman/ Chief Executive Officer of the company, Babajide Olatunde- Agbeja, noted that the company was established 7th October 1991 after securing an insurance Broking license a month earlier.

He said from inception the company aimed to provide personalized service to carve a niche for itself in the industry.

He added that within two years of operation the Lagos office was born to provide personalized professional insurance brokerage services to Lagos customers.

He pointed out that based on the company’ s performance over the years it has secured various accounts in most sectors of the economy.
On branch expansion, he said as of today the company branches are strategically located in Abuja, Port Harcourt and Lagos aimed at serving West, East, South, North and Lagos.

He said to ensure it play actively in the industry the company’s share capital was increased to N75milion while staff strength moved from four to 42 with an average attrition rate of about 1.1 percent as at October 2016.

He however called on the insuring public to patronise only registered insurance brokers, adding that they are more realizable in terms of ensuring adequate claims payment.

He thanked staffs and client for their support in the last 25 years.
Speaking further the Commissioner For Insurance Mohammed Kari commended the company for their contribution to the growth of insurance industry.

The NAICOM boss who was represented by its Deputy Commissioner Finance and Admin, George Onekhena said Boff is more interested in compliance and it has worked out well for the company over the years.

He noted that in the last 25 years their service has been outstanding and have complied with polices and directives of the commission.

The occasion also featured the unveiling of new brand identity for the company and awards presentation to long serving staffs for their contributions to the growth of the company.