By Rosemary Iwunze
Until the public understands fully the roles of insurance brokers, the allegation of non-payment of claims and other consequential image challenges in the industry would remain, President of the Nigerian Council of Registered Insurance Brokers (NCRIB) Mrs. Bola Onigbogi has said.
Onigbogi who stated this at a programme by the broking fraternity in Lagos, noted that she would stop at nothing to ensure that the Council becomes an indispensible entity in insurance value chain.
She said: “We are not relenting on our oars; we will still forge ahead and ensure that no insurance policy will be placed without the input of an insurance broker.
“I am convinced beyond limit that until the public understand fully the roles of insurance brokers, the allegation of nonpayment of claims and other consequential image challenges in the industry would remain,” she submitted.
On expulsion of some insurance companies by the Nigerian Insurers Association (NIA), she maintained that it was quite unfortunate that recently, the NIA published in a half-page advert the expulsion of three insurance companies, namely, Industrial and General Insurance Co. Limited; Niger Insurance Plc and Standard Alliance Insurance Plc, noting that according to NIA, the affected companies failed to meet their obligations to policyholders.
She said it was so disheartening that the affected companies were once giants of the industry, contributing immensely to the growth of Nigeria insurance industry, adding that the issue became subject of discussion on the NCRIB platforms, not only to x-ray the implication of such advert on the image of the industry, but to as well consider the implication on members who have one business or the other with the companies.
“As a proactive Council, we like to urge members to always critically examine the viability of any underwriting firm before placing business with them. This is because, in recent time, there are allegations involving nonpayment of claims as low as one thousand dollar since 2019,” she said.
According to her, it was distressing that in order to save the face of the industry, some brokers have had to pay their clients.
She maintained that the Investigation Committee of the NCRIB was inundated with complaints of nonpayment of claims and in order to forestall further experiences, she appealed to brokers to do their proper investigations.