Brokers urged to be creative

Brokers urged to be creative

Chuks Udo Okonta

Creative thinking, professionalism and adaptation to the changing dynamics of clients needs in the local and international environment should be the platforms for promoting robust insurance broking practice in Nigeria, Managing Director CKRe London Peter King, has said.

 King, who disclosed this at a lecture to mark the 50th Anniversary of the Nigerian Council of Registered Insurance Brokers (NCRIB) in Abuja, said though insurance broking business in the country has a bright future, the professionals must continually adapt to the changing trends in global regulatory environment and pace up to the changing needs of the nation’s population.

On the international plane, King opined that the world’s overall concept is changing dramatically towards Africa, portending that all operators, including insurance brokers will face new and exciting challenges for which only fit, and ethically sound professionals will survive.

He said given the huge international interest now in Africa and the need to continue to attract foreign investment, the international interest, be it client or an international broker must adhere to the same professional rules as those applicable in their place of registered origin.

He said: “It is interesting to note that for many years, people outside Africa are looking towards the continent as a realistic trading partner, which they believed have competitive advantage over the emerging markets in the Middle East and parts of Asia where political instability and terrorism are now endemic”

King who spoke on merits of regulation to include protection of the practice of insurance broking and growth of business advocated against over regulation which he said was capable of stifling good brokers.

Minister of state for finance, Dr Yerima Ngama, applauded the NCRIB for encouraging professionalism amongst insurance brokers in Nigeria and confirmed that crucial reforms were in the offing to challenge the old ways of doing things and position the insurance industry where it should be.

According to him, the reform will seek to promote Out of the Box Thinking, in order to empower the professionals to log into international best practices and position the industry to play its pivotal roles in the economic development of the country.  

President of the NCRIB, Barrister Laide Osijo noted that the NCRIB appealed to government to assist the growth of insurance business in Nigeria through its strict adherence to, and encouragement of mandatory insurance laws.

She said that governments at all levels should see to it that they ensure maximum insurance of their assets against incidences of loss, noting that some recent human and natural disasters witnessed in the country would have been succoured if government placed greater premium on insurance. 

Commissioner for Insurance, Fola Daniel, advised insurance brokers to ensure compliance with the PENCOM Act on Group life, noting that such compliance was a welcome development as it would bring more businesses for the operators and make them socially relevant.

He advised the Council to continue to assist its members in meeting new regulatory challenges like its counterpart, the British Insurance Brokers Association, which has well laid out programmes for assisting its members meet the requirements of the financial services regulations.

Highpoint of the 50th anniversary celebration was the conferment of fellowship awards on Senator Oluremi Tinubu, Governors Rauf Aregbesola and Olusegun Mimiko, governors of Osun and Ondo states respectively, as well as the Commissioner for Insurance, Fola Daniel.