NCRIB seeks CIIN’s help on brokers', underwriters’ feud

From left: President Chartered Insurance Institute of Nigeria (CIIN) Bola Temewo and President Nigerian Council of Registered Insurance Brokers (NCRIB) Ayodapo Shoderu at an event in Lagos.

Chuks Udo Okonta

The Nigerian Council of Registered Insurance Brokers (NCRIB) has called on the leadership of Chartered Insurance Institute of Nigeria (CIIN) to play the brotherly role of motivating and promoting cordial relationship between brokers and underwriters, who often engage in dispute over business transactions.

The President NCRIB, Ayodapo Shoderu, said this yesterday during a courtesy visit of the governing board of the NCRIB to the Institute in Lagos. He noted that the institute, as the professional arm of the Industry, owes it a duty to continually motivate intra industry collaboration especially between insurance brokers and underwriters.

He said: “As the professional arm of the Industry, the Institute owes it a duty to continually motivate intra industry collaboration especially between Insurance Brokers and Underwriters.  It is a thing of regret that attempts to broker a meeting between the NCRIB and NIA did not materialise for quite a while. 

“However, I have slated a meeting between our Council, the new Chairman of NIA Godwin Wiggle, with the belief that the meetings will kick-start a revived relationship between the two bodies.”

The feud between underwriters and brokers has been considered as a major draw-back to the industry. Over the years both parties had often disagreed on premium collection and remittance, which was resolved by the no premium no cover policy that was implemented by the National Insurance Commission (NAICOM).

Other issues which brokers believe is inimical to their business are the unhealthy competition being perpetuated through broking firms belonging to some underwriters and insurance firms and demarking engaged by some underwriters.