NCRIB decries unethical practices by underwriters

• Seeks NAICOM, NIA intervention  

 

Chuks Udo Okonta

 

The Nigerian Council of Registered Insurance Brokers (NCRIB) has frowned at some insurance companies who undermine Insurance Brokers on existing accounts, saying that such unethical act could stall the desired progress of the industry.  

 

The President of the NCRIB, Ayodapo Shoderu at a media chat recently in Lagos, said the council had received complaints from many of its members against some underwriters who poach clients currently being serviced by them through insurance brokers.  

 

According to Shoderu “worst of this concerns existing businesses which the Broker and the insurance company are already handling, for which some unethical underwriters go at the back to collect with promises of offering the clients reduced premium”  

 

The NCRIB used the medium to appeal to the NIA and NAICOM to dispassionately investigate and handle the matter with a view to sanctioning the culprits, for the purpose of protecting the image of the industry and ensuring its steady growth.  

 

Shoderu noted that all over the world insurance brokers occupy pivotal place in insurance arrangements, adding that their enormous wealth of experience were usually brought to bear in assisting clients to get the best possible terms, as well as assist them in claims collection when a loss arises.  

 

The NCRIB boss opined that the exclusion of brokers from insurance accounts leaves the clients with no advantage of competitiveness in services of insurance companies, in terms of the kind of insurance policy being offered, premium charged and fairness in claims settlement.  

 

The Council expressed its determination to challenge the unwholesome practice which it perceived as a threat to the existence of Insurance Brokers as it will diminish their contributions to national economy.