By Rosemary Onuoha

African Insurance Brokers Association (AIBA) has elected Dr. Feyisayo Soyewo, a past president of the Nigerian Council of Registered Insurance Brokers,(NCRIB), as the Chairman of the continental body.

The election took place in Victoria Falls, Zimbabwe during the just concluded 38th Annual Conference and General Assembly of the African Insurance Organisation [AIO].

Until his election, Prince Soyewo was the Vice-Chairman of the body and he succeeded Mr. Omar Ngadi of Morocco who stepped down after a year in office.

Also elected is Mr. Albert Nduna from Zimbabwe as Vice-Chairman. He was the association’s treasurer before his election as Vice-Chairman. Mrs. E.U. Kolawole of Nigeria was also elected to act as Secretary/Treasurer of the organisation. All the other officers kept their positions.

Prince Soyewo, who is also the Executive Chairman of Prestige Insurance Brokers Limited, has been a strong advocate for the recognition of insurance broking as an independent and self- regulating professional body. He has consistently pushed for integrity in the practice of insurance broking.

He is a member of the Chartered Insurance Institute of Nigeria (CIIN) and London as well as the Insurance industry’s Elders Advisory Council. He is also a fellow of the Nigerian Institute of Management [NIM], Fellow of the Institute of Directors [IOD] as well as Fellow of the Institute of Cost Management.

AlBA is the umbrella body for all practicing insurance and Reinsurance brokers in the African Continent and it is one of the most important organs of the African Insurance Organisation [AIO].

AIBA is one of the earliest bodies established by the African Insurance Organisation (AIO) for the facilitation, encouragement and promotion of insurance brokers in Africa.

The objectives of AIBA include the protection and promotion of the general welfare and interest of insurance brokers and insurance brokers associations in Africa.

The association was also established to encourage the exchange of insurance and reinsurance business between members, as well as to promote insurance education and exchange of business between members and other insurance markets.

AIBA is equally facilitating the exchange of technical information between members and other insurance markets, while still promoting insurance pools in the continent of Africa. AIBA is made up of members and associate members.

A member is either an insurance broker or consultant or insurance brokers/consultants association, domiciled within a member country of the AIO, registered with the AIO or whose principal business is insurance or related matters.

An Associate Member is an insurance broker or a consultant or an organisation not domiciled within a member country of the AIO.

Currently, the Headquarters of AIBA is located in Lagos, Nigeria. AIBA has a Secretariat, headed by the General Secretary. The Management (Executive) Committee headed by the AIBA Chairman and with Membership elected from the four Regional Groups of West Africa, North Africa (Francophone), Central and East Africa and South Africa, oversees the day to day affairs of the association.

Members of AIBA participate in the annual AIO Conference, Reinsurance Forum, Life Seminar as well as various workshops and seminars.