Brokers, underwriters push for industry’s growth

From left: Deputy President Nigeria Council of Registered Insurance Brokers(NCRIB), Kayode Okunoren; President, Ayodapo Shoderu and new Chairman of Nigeria Insuers Association (NIA) during the official visit in Lagos.

Insurance Brokers and underwriters operating in the Nigerian insurance industry have identified the deviation from the basics of insurance practice as the bane of the industry and resolved to reverse the trend.

In a meeting held in Lagos between delegation of the Nigerian Council of Registered Insurance Brokers (NCRIB) and the Nigerian Insurers Association (NIA), the two bodies were> of the view that the jettisoning of basic insurance principles had robbed the industry of its expected place in the scheme of the nation’s economy.

Taking a retrospective look at the industry in the 70s towards mid-80s, the operators noted that the players were united and cohesive on issues relating to market ethics and practices, making operational environment inclement for unethical players.

President of the NCRIB Ayodapo Shoderu said insurance brokers and underwriters were like Siamese twins that must always work together for the progress of the industry.

He said that operators must eschew unethical practices that are inimical to professionalism in order for the industry to gain its lost grounds.

Responding, the Chairman of the NIA, Mr Godswill Wiggle noted that the two bodies needed to revive their technical joint committees where issues bordering on the operation of the two parties could be resolved before they smear the image of the industry before the public.

The two bodies applauded the Lagos State government for its effective risk management and patronage of insurance services, noting that the industry would soon put in place a programme to appreciate and celebrate the government.