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Insurance brokers survive odds, criticisms, NCRIB president

By Patience Saghana

Recounting their trials and persecutions in the cause of their role as intermediary, insurance brokers in the country said they have been able to survive the test of times over the years and still bouncing against all odds and criticisms.

Dr Teslim Sanusi, President of Nigerian Council of Insurance Brokers said the Council had made significant progress and had been able to survive against all odds.

Sanusi at the National Insurance Conference entitled: “Insurance in the Face of Current Reforms in the Financial Sector.” Held in Abuja recently noted that the Council had made some impacts in its relationship with insurance related bodies within Nigeria and beyond.

He said the management was set to project the Council in positive light through an effective registration of its members to check the activities of charlatans operating in the market.

According to him, “Our relationship with such bodies as the Nigeria Insurance Association, the Institute of Loss Adjusters of Nigeria and the Chartered Insurance Institute of Nigeria has improved considerably. We have continued to maintain constant dialogue with the NIA towards a more harmonious relationship between the two bodies.”

Sanusi said that before, the insurance brokers and underwriters were constantly at loggerheads over professional and business issues, which should have been resolved through dialogue.
With the new trend of relationship, he added, the two bodies had continued to work together harmoniously for the growth of the industry.
Mr. Fola Daniel, Commissioner for Insurance articulated National Insurance Commission’s over the growing rate of unethical practices among insurance brokers who have neglected their professionalism and responsibilities towards their client.

He said it was worrisome that some brokers, who act as consultants made it compulsory for clients to reduce the premium earlier agreed with their underwriters.

“It is however worrisome that rather than bring about professional engagement between the intermediaries and underwriters, the practice is fast becoming an avenue to mislead insurance consumers in respect of pricing.

These consultants impress it on the clients of their ability to scale down on agreed premiums with underwriters, thus making it look as if the underwriters over bloated the premiums,” he said.

He stated that some brokers have not demonstrated fairness, responsibility and professionalism in discharging their duties, adding that unethical behavior had increased.

The commissioner, however, added that there was prospect for the sector, saying that the brokers should ensure that the objectives which informed the formation of NCRIB were duly observed.

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