'I am enjoying No Premium No Cover policy'

Chuks Udo Okonta

Barely one month that the No Premium No Cover policy, took effect, brokers are already counting their gains, Inspen can authoritatively reports.

The President Nigerian Council of Registered Insurance Brokers (NCRIB) Mrs Laide Osijo, said she is enjoying the policy as her firm has within this period received more that what it used to get in a year.

She said: "We are coping very well with the policy, as far as my company is concerned, we have received in this month, more than what we normally get in a year.

"Three months before the commencement of the policy, we wrote our clients, to inform them that no premium no cover has come to stay, effective from January 1. We have to prepare the mind of our clients for January renewers and those also within the first quarter. We made sure we never held cover for any body without his or her money.

"I have reasonable clients that know what insurance is and they have being cooperating. Even for most of the government jobs that I do, we had our letters of appointment very early this year."

She noted that as the President of NCRIB, she had appealled to most Ministries, Departments and Agencies (MDAs), to ensure that premiums are paid as provided in the budget.

Osijo said reponses from brokers as to how clients are complying have being very encouraging. She noted that because the policy did not give room for part payment, client now make full payment which is very profitting.

"The volume in the short run may be a bit lower this year, but in the long run, we will have better return. Changes would always come with challenges, but with time, the challenges would be sub-dued. In the real sense, the volume before now does not measure the real premium that operators get. If we have some much volume, while the premiums are receivables, it amounts to nothing.

"I am proud to say that I am in a better position, for I was bent on not writing cover without premium and my cleints are responding. The truth is that the clients have the money, and have always been pretending.

"I can possibly say I am enjoying no premium no cover regime," she said.

Managing Director Lectern Insurance Brokers Limited Tunde Oguntade, said the policy may be tough, but the operators are trying to adjust, adding that it is for the betterment of the industry.

He noted that considering the volume of un-paid premium over the past years, the policy remains one of the best things to have happened in the industry.

He said the clients are complying, stressing that they have no choice as the law has come to stay.

Oguntade stressed that in the first instance, there would be a drop in the volume of premium to be generated. But, maintained that over time, people would get used to it.