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Insurance brokers control 85% of businesses — NCRIB

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By Cynthia Alo

PRESIDENT of the Nigerian Council of Registered Insurance Brokers, NCRIB, Mr. Kayode Okunoren, has said that the nation’s insurance brokers control over 85 percent of businesses in the sector.

Okunoren who will step down soon, reiterated that poor data collection, image and weak regulation, remain major challenges faced by the industry.

In his valedictory press briefing at the NCRIB House, in Lagos, Okunoren stated: “As at today we have a problem in the insurance industry, which include data collection. We haven’t made a good success of it as an industry.

“The insurance brokers represent between 80 and 85 per cent of businesses produced in Nigeria.   As at 2016, we were talking of about N400 billion total gross premium.

“It is obvious that brokers represent the substantial percentage of this gross premium whether it is from corporate bodies or government or from individuals.”

Okunoren said that if a broker does not satisfy all the requirements of the NCRIB, the Council will not publish such name on its list.

“We have decided that there will be a uniform software programme for brokers, so that brokers that don’t have will have their own and through large numbers we will be able to buy this product at a very affordable price.

“So discussions are ongoing, the Memorandum of Understanding MoU, is almost done to ensure it is prepared properly and that members derive the optimum benefit from this software.

“With this software virtually all the requirements of NAICOM in terms of the returns weekly, monthly, quarterly, or annually can be filed to the office under five minutes,” Okunoren added.

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