Insurance brokers in the country are neck-tight ready for insurance companies that challenge their existence in the market even as they indicate intention toÂ categorise underwriters into three segments.
Nigerian Council of Registered Insurance Brokers (NCRIB), which is the umbrella body of insurance brokers in the country,Â said that the body would not take it lightly with any insurance company that did not reckon with them.
NCRIB president, Dr Teslim Sanusi during a courtesy visit of a six-man team of Niger Insurance Plc led By its
Managing Director, Dr Justus UrantaÂ at the council’s secretariat in Lagos, said insurance brokers would only patronize insurance companies that are customers and brokers friendly.
Aside that, Sanusi said that the brokers fraternity would only patronize insurance companies that have solid assets base and above all, insurers that are reputed for prompt claims settlement and that appreciate quick payment of brokers commission would get their support.
He remarked that Niger Insurance Plc was the first insurance company to be received in the NCRIB calendar year. NCRIB calendar begins immediately the body held its Annual General Meeting and a new president takes over hence the new calendar year of the council began in October 15, 2009. The same date Dr Sanusi became president of the body.
According to him, â€œA good number of insurance companies had wanted to pay visits to us but we deferred them to next year but we gave an exception to Niger Insurance Plc because Niger Insurance had been supporting the council for agesâ€.
â€œNiger Insurance Plc is one of the very few insurance companies in this country that is reliable in terms of meeting its obligations and the company is also very solid. Not all insurance companies that NCRIB can vouch for but for Niger Insurance, we make bold to say.
â€œThe company has been very supportive of the NCRIB. I have been in the council for over 20 years and l cannot remember any year that Niger Insurance did not identify with NCRIBâ€
Meanwhile, the NCRIB president said that the council will from next year categorise insurance companies into three segments A, B and C. The ‘A’ category he explained are for the top ten insurance companies in which Niger insurance fall in. The top ten underwriters are the ones that have been tested for prompt claims payment and brokers’ commission settlement; that are customers and brokers friendly with solid asset and good capital base.
â€œWe will do everything possible to from next year, publish list of the registered insurance companies are customers and brokers friendly. By the time we start flagging off the good insurance companies in the market, the bad ones will seat up. We appreciate insurance companies that are not just doing business but are doing the business wellâ€
Sanusi stated, â€œNCRIB’s rating will be based on solvency, asset base, capital based, customer and brokers’ friendly base and prompt claims settlement. And all these will be categorized into A, B and C.
Sanusi received the Niger Insurance team in company of the vice-president, Mrs Laide Osijo, deputy president Mr Ayodapo Shoderu , Mr Jide Aminu, Executive Secretary of the body and Mrs Elizabeth Kolawole and Tope Adaramola, the council’s image maker while the Niger Insurance’s team was led its managing Director, Dr Justus Uranta, Mr Kola Adedeji, Executive Director (Finance & Admin) and Mr Andrew Uwaujo, Executive Director (Technical).
Dr Uranta in his response said that Niger Insurance prides itself in associating with the brokers in the market, adding that the insurance company treats claims payment with all the urgency that it requires.
With close to N20billion asset base, 41 branches nationwide and six regional offices around the country, Uranta pledge the company’s continuous support to the brokers