The Nigerian Council of Registered Insurance Brokers (NCRIB) at the weekend commended the federal government on the recent appreciation of the Naira.
The President of the Council, Mr Kayode Okunoren, told newsmen in Lagos that the recent appreciation of the Naira against other foreign currencies had brought succour to Nigerians.
He said: “It is heart-warming that in the last few weeks, the Naira has been appreciating against other foreign currencies, bringing a little succour to Nigerians.
“To all intents, the efforts of government through the Central Bank of Nigeria (CBN) in this regard are quite commendable.’’
The NCRIB, however, said that firming up of the Naira should be more systemic to sustain the trend.
“Government must be unrelenting in promoting the production of local products that could be exported to earn foreign exchange in the international market.
“Our diversification initiatives must be followed through while there should be a renewed campaign in re-orientating the minds of the citizens away from over dependence on foreign goods and services,’’ he said.
Okunoren commended the initiative of the federal government at creating an enabling environment for business operations in Nigeria.
He said: “President Muhammadu Buhari’s administration has dismantled all inhibitions against business initiation and growth in the country.
“The federal government is already engaging strategic stakeholders in working out the modalities and it is the belief of the Council that the insurance industry should be involved in the process.
“The insurance industry involvement is compulsory in the view of its pivotal place in business development.
“As we are all aware, business growth must definitely come with risks which require professionals to handle and manage.
“Notwithstanding, the NCRIB would always seek ways to make contributions towards this lofty initiative that is capable of ensuring a robust business growth and survival of our national economy.’’
Okunoren also commended the National Insurance Commission (NAICOM) and Nigeria Insurance Association (NIA) on re-energising the campaign towards enforcement of compulsory insurance in Nigeria as enshrined in the Insurance Act.
He said the effort would enhance the industry’s contributions to the nation’s Gross Domestic Product (GDP) as well as reduce exposures to risks by members of the public.
“Also, the consideration given to Nigeria Fire Service would assist the institution in undertaking its statutory responsibilities of fire prevention without recourse to government as the practice at present,’’ he said.
Tag: NCRIB
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NCRIB hails FG over Naira appreciation
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NCRIB seeks inclusion of sector in PEBEC
• Linkage strengthens tie with brokers
The insurance sector should be included in the Presidential Enabling Business Environment Council (PEBEC) headed by Acting President Yemi Osinbajo aimed at removing all critical bottlenecks and bureaucratic restraints to doing business in Nigeria, President, Nigerian Council of Registered Insurance Brokers (NCRIB), Kayode Okunoren has said.
He made this call at the February Edition of NCRIB Members’ Evening hosted by Linkage Assurance Plc in Lagos.
He pointed out that noble objective like PEBEC should factor in the insurance sector considering its roles in commerce and risk mitigation, especially for new businesses.
He said that PEBEC has identified seven key reform areas notably; starting business; dealing with construction permits; paying taxes and registering properties, noting that they believe that with diligent commitment of the government to taking these identified barriers, the country would soon be reflated.
Okunoren, however, commended the government for monetary policies being put in place, leading to Naira appreciation in the last couple of days.
While commending the government for shoring up the naira, he stated that it must continue to accelerate steps towards taking the country out of the ignoble comity of consuming nations to producing nation.
He said: “Countries that hold the ace in the world today are those who could produce for export to other countries, rather than be a consuming nation. Consequently, all encumbrances to entrepreneurship and home grown business survival must be removed.
“It is our hope also that with the passage and full implementation of the 2017 National Budget, there is likelihood that the end of recession is in view, with diligent adherence to implementation of provisions for capital projects as provided for in the budget.”
Meanwhile, Managing Director Linkage Assurance Plc, Dr Pius Apere at the event said the company has moved to strengthen its relationship with insurance brokers.
He said this is as a result of its determination to increase its market share and compete effectively for growth.
“Brokers, according to industry statistics, control over 70 percent of the market share, particularly in the corporate private and public sector business. -
NCRIB donates books to UNILAG, LASPOTEC
TO extend frontiers of public awareness and acceptance of insurance, the Nigerian Council of Registered Insurance Brokers (NCRIB) has reached out to some higher institutions to buoy the level of assurance education among students.
The Council, during a visit to the University of Lagos (UNILAG), distributed insurance textbooks to its Department of Actuarial Science and Insurance to enhance intellectual and professional knowledge of students about insurance.
The President of the Council, Kayode Okunoren, who led the delegations, disclosed that the Council conceived the initiative as part of its Corporate Visibility project borne out of the need to engage strategic stakeholders about the value of insurance.
Okunoren said they reckoned that students constitute a critical stakeholder in the propagation of insurance as they represent future providers and consumers of insurance.
He disclosed that the role of the insurance brokers is crucial in the insurance value chain and as such they should be engaged for clients to maximise the value of their insurances.
He promised that the Council would not relent on its oars to deepening insurance awareness among the insured populace because of its importance to the development of the economy.
In a related development, the President led the Council’s delegates to Lagos State Polytechnic (LASPOTEC) where he also donated insurance textbooks to the Department of Insurance.
UNILAG’s Head of Department of Actuarial Science and Insurance, Prof Ade Ibiwoye, appreciated the Council’s gesture, stressing that the population of students seeking admission into the institution yearly was an indication of its relevance in training the nation’s workforce. -
We don’t connive with vehicle owners, says NCRIB
The Nigerian Council of Registered Insurance Brokers (NCRIB) has denied allegations made by Vehicle Inspection Office (VIO) that brokers connive with vehicle owners to evade motor insurance.
The VIO alleged that insurance brokers connive with vehicle owners to evade insurance.
NCRIB President, Kayode Okunoren said the allegation by the VIO could tarnish the image of brokers, adding that the VIO was ignorrant of the workings of various insurance arms in the industry.
He noted that brokers are professional arm of the industry that acts as intermediaries between the insured public and insurance companies.
According to him, insurance firms only provide covers and certificates issued in the name of their firms and not in the name of brokering firms.
He stressed that access to the Nigeria Insurance Industry Database (NIID), which the VIO referred to was strictly for insurance companies in the fold of the Nigerian Insurers Association (NIA), and not brokers. Hence, no broker would have uploaded any policy on the platform, not to mention fake or expired insurance policies as alleged by the officer.
He said: “Suffice to say that the NCRIB cannot undermine the importance of relevant government agencies in the enforcement of insurance policies, especially, vehicle insurance policy. To further underscore this, the Council, at one of its programmes invited Vehicle Inspection Officers as special guests to forge better collaboration between the two institutions.
“We expected that if such allegation exists at all, the VIO should have used the avenue to address the brokers rather than misleading the public about brokers through the media. Nonetheless, the Council is and would continue to support the NIID because it is the only central record of all insured vehicles in Nigeria.”
Last week, the VIO said at the Almond Insurance Consumers Forum in Lagos that brokers connive with vehicle owners with fake or expired insurance to quickly upload particulars of impounded vehicles on the NIID.
Assistant Chief Vehicle Inspector Officer, Mrs Adeshola Adeboshin said this was unfortunate as they relied on the NIID through the use of a verifier, Auto Inspector, to verify fake and expired particulars.
According to her, they use this medium without stopping vehicles to know if they had genuine particulars.
She said all they do is input an upcoming vehicle plate number on the device and it brings up the vehicle particulars.
She explained that they only stop vehicles that have fake and expired particulars while on patrol or at check points which include driver licence, chasis number, insurance certificate among others.
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NCRIB seeks more support for made-in-Nigeria goods
The Nigerian Council of Registered Insurance Brokers (NCRIB) has urged the government to give greater impetus to the patronage of indigenous goods to boost the economy.
Its President, Mr. Kayode Okunoren, made the plea in Lagos.
While lauding the efforts of the government to revive the economy, he suggested that policies should be made government officials to encourage people to patronise locally produced goods.
He said the comatose textile industry would come to life if there was a sincere pronouncement that workers could wear home-made clothes on certain days of the week.
Okunoren, who cited other countries, said these countries looked inwards at some point, and that such actions would stimulate growth in the various sectors and give life to the economy.
He said if this step was taken by the people, insurance would also witness a boost as more activities would be generated across various sectors of the economy, noting that the demand for dollar would crash when the demand for goods was intensified.
He, however, called for sincerity on the part of the government to patronise made-in-Nigeria goods.
The NCRIB chief also urged Nigerians to be patient with the administration in fixing the economy and the ongoing war against corruption.
Meanwhile, the NCRIB is giving further impetus to the government’s economic revival efforts as it has planned a conference for the month.
The event with the theme “The future today” will hold on Thursday, November 10 in Abuja.
The theme, according to the Chairman, Organising Committee, Dr. Bola Onigbogi, is aimed at galvanising opinions on the shape and future of Nigeria’s economy and the role of the insurance industry.
It will be declared open by Vice President Yemi Osinbajo.
To lead discussions at the confab, which would attract participants from the industry, the organised private sector, the academia and the government is the former Minister of State for Finance, Dr. Remi Babalola.
Also expected at the event are the Minister of Budget and National Planning, Senator Udo Udoma, the Executive Chairman, Federal Inland Revenue Services (FIRS), Dr. Babatunde Fowler; Minister of Health, Prof. Isaac Adewole; and Managing Director, Financial Institutions Training Centre (FITC), Dr. Lucy Newman, among others.
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NCRIB: govt, agencies can’t pay premium
As recession bites harder, many government agencies and parastatals are finding it difficult to pay their insurance premium promptly, Nigerian Council Of Registered Insurance Brokers (NCRIB) President, Kayode Okunoren, has said.
He made this known at the August 2016 Edition of NCRIB members’ evening in Lagos.
He said because many policy holders had jettisoned the renewal of their policies, there were no new businesses.
The situation, he said, was made worse because government agencies and parastatals that are the highest insurance consumers were also not paying .
The implication, according to him, was that there were no covers for most government agencies and parastatals.
He said the “No Premium No Cover” policy must, however, be effected.
He cited the recession, owing to sharp drop in the price of oil globally and high exchange rate, among others, as the reasons for decline in purchase of insurance policies in the country.
Brokers, he said, should believe in the change policy of the government.
Okunoren said: “Howbeit, I can see a bright light at end of the tunnel. I challenge you all at a time like this to be more innovative, in terms of product development and invent multiple streams of business ideas to weather the storm. It is not time to fold our arms and watch the pendulum swinging against us.
“The brunt is being borne by both rich and poor. One of the worst hit sectors is the Insurance Industry. Nigeria runs a cash and carry economy, where insurance is often placed at the lowest ebb of scale of preference, if included at all.”
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NCRIB urges patience with Buhari
The Nigerian Council of Registered Insurance Brokers (NCRIB) has said there is need for Nigerians to be more patient with the administration of President Muhammadu Buhari to ensure the revival of the economy.
NCRIB President, Kayode Okunoren made this call while speaking on national issues at the Council’s April edition of NCRIB Members’ Evening in Lagos. He, however, appealed to the government to begin the immediate implementation of the 2016 national budget, to give succour to Nigerians.
He said it was disheartening that up till now, at the expiration of the fourth month of the year, the government has not started the implementation of the budget.
He said: “Obviously, this is not the best of times for many Nigerians in view of the economic recession being experienced today. Our economy is presently bedeviled by challenges such as unfavourable exchange rate of the naira against the United States dollars; spiraling cost of goods and services that has constituted a hole in the pockets of Nigerians.
“The rock bottom prices of our crude oil in the international market coupled with the gale of corruption manifesting in the mismanagement of the nation’s resources, has worsened the plight of the country. It is definitely natural that a time like this would ordinarily task the patience of the citizens just as we are already seeing at the moment.
“However, the take of the Council is that there is need at this period for Nigerians to have more patience and cooperate with the present administration in ensuring the revival of our national economy. Realising that no one could proverbially eat an omelette without breaking an egg, Nigerians need to endure the temporary hardship for a better tomorrow.”
Okunoren stressed that whilst the citizens are enduring and sacrificing, the onus is also on the leaders to lead by example and ensure their lifestyle conforms to what they preach in order to get the desired support of the followers.
“Similarly, the appeal has to go to government to immediately commence the implementation of the 2016 national budget, which would definitely give succour to Nigerians. It is disheartening that up till now, at the expiration of the fourth month of the year, government has not started the implementation of the budget.”
Speaking on delisted brokers by the National Insurance Commission (NAICOM), Okunoren said that NAICOM commenced the publication of brokers list that had satisfied the renewal requirements as at the date of the publication in line with the Commission’s practice.
He noted that unfortunately, rumour had made the rounds that only the 300 brokers on the list as at the first publication were the only licensed operators in the market, sending misleading signals to the insuring public.
“This information is quite erroneous as the number has increased to about 314 members as at today. Suffice it to note that it is the statutory responsibility of NAICOM to make public the list of practitioners who have satisfied their renewal requirement as they are cleared by the Commission. The list will keep coming in batches as not all brokers have the same renewal dates and that explains the differentiation in the period of the approval of their licences by the Commission.
“I like to enjoin my professional colleagues who have not satisfied the renewal requirements to do so as soon as possible to avoid the penalty from the regulatory body,” he said.
He informed the members that NCRIB and NAICOM had continued to forge effective collaboration in the area of statutory registration.
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Recession biting hard on insurance business, says NCRIB
•Brokers urged to obey NAICOM rules
The economic challenges facing the country are biting hard on insurance business, President, Nigerian Council of Registered Insurance Brokers (NCRIB), Kayode Okunoren, has said.
Okunoren, who spoke at this month’s Members Evening in Lagos, called on the Federal Government to diversify the economy, and as well address the present economic challenges. He said the value of the naira has continued to take a downward plunge against the dollar, the pound sterling and other currencies, to the detriment of the nation’s economy.
He said the resultant effect of this, is negative on the nation’s economic revival efforts, stating that aside from the possibility of stagnating industrial development and favourable trade, the situation is already causing increasing inflationary rate that is affecting the common man on the street.
“The mono economy has left the country helpless, considering also the continuous downward slide in the price of crude oil in the international market, upstaging the budgetary anticipations of the government. Definitely, the insurance industry is not insulated from these grievous indices of economic recession,” he said.
On the recent cancellation of broker’s licences by the National Insurance Commission (NAICOM), Okunoren urged brokers to ensure that all necessary documents are filed with the regulatory authorities in good time to forestall sanctions.
He described practising brokers who wait till their certificates lapse before filing necessary documents with the authorities, as unprofessional brokers.
He said the Council has succeeded in getting NAICOM to address some issues affecting the broking fraternity, adding that the Commission has acceded to the request for a joint committee to review the list of requirements expected from brokers for rendering returns to the Commission on a yearly basis.
“I am sure that many of you would be itching to hear from us on efforts made on the recently lapsed certificates of some of our members by the National Insurance Commission late last year.
“It is an unfortunate incident. We have made concerted efforts to ensure that we get the understanding of the Commissioner for Insurance, Alhaji Mohammed Kari, on the development and happily that has crystalized in the call for re-application by the companies concerne.
“Whilst still making efforts to continually enlist the understanding of NAICOM on issues relating to our members, I am happy to note that the Commission has acceded to our request for a joint committee to review the list of requirements expected from Brokers for rendering returns to the Commission on a yearly basis.
“It is believed that the joint adhoc committee will pave the way for better and early compliance of our members. It is however expedient of me to state, without any contradiction, that it is unprofessional for any practicing broker to wait till its certificate is lapsed before filing necessary documents with the authorities.
“The Governing Board has considered the retention of the help desk earlier established as a standing body to assist members in addressing areas that portend challenges for our members with regards to compliance with regulatory institutions,” he said.
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‘87 delisted broking firms not registered with NCRIB’
The Nigerian Council of Registered Insurance Brokers (NCRIB) has said of the 108 broking firms delisted by the regulatory body, the National Insurance Commission, 87 firms are not registered with the Council, its President Kayode Okunoren, has said.
He made this known at a forum in Lagos.
According to him, only 21 of the affected brokers are members of the broking fraternity.
He said the NCRIB had made frantic efforts to ensure that the affected brokers were given soft landing as against the withdrawing of their licences.
He appealed to NAICOM to ensure sustenance of effective communication channels with the NCRIB in such a way that its members are notified in good times on any aspect of compliance in which they are on the path of erring, stressing that this could even be done through the Council in the spirit of the existing cordial relationship.
Okunoren said: “As you are aware, NAICOM recently advertised the names of 108 brokers delisted over compliances issues. Out of the 108 Brokers, 21 of them are registered members of the Council.
“Suffice it to say that the NCRIB is not happy that any operator in the market will continue to flout regulatory requirements as enshrined in the law. However, the Council on my assumption of office, made a representation to NAICOM on this and sundry issues for which, as usual, we got assurance of support from the Commission.’’
He continued: “While we are still looking at opportunity to assist those with minor infractions by interceding for them in NAICOM, we have equally made this clear to our members that the regulatory environment of today requires more discipline than hitherto and that compliance issues must no longer be treated with levity.’’
He reiterated his pledge to take the broking profession to lofty heights, adding that he will sustain his promise of running an open door policy
He also said this is a challenging time for the insurance industry in Nigeria, in view of the recession being witnessed in the economy, which is taking its toll on insurance like any other sector of the economy.
“However, we share the optimism that the government under the leadership of President Mohammed Buhari will reverse the ugly situation through the enthronement of probity and accountability in governance as we are already witnessing. I wish to spare some thoughts for the present administration’s anti graft war.
“It is no longer news that, Nigeria’s progress had been stultified by corruption and financial indiscipline and this has permeated the professions also. I hereby commend the ‘war’ and advice that government should work urgently on legal framework for the institutionalisation of the anti-corruption war, even after the exit of the administration,” he added
Okunoren said the administration should begin the conscientisation of Nigerians to re-create in the minds of the citizens the real virtues of honesty and transparency which was our hallmark many years past. On the part of NCRIB, he said they would continue to cooperate with the government in achieving this mandate ‘’as we reckon that there is no way insurance industry could grow in an environment with systemic corruption’’.
However, the question to ask is, what should be our focus as brokers at a time like this? The onus is on us to be creative and proactive in maximising the seemingly gloomy economic situation to our advantage. For instance, it is high time operators began to look at policy direction of the government as partly enunciated in the draft budget, in the area of diversification of the economy.
The NCRIB under my leadership will ensure that all necessary strategic engagements are done to further enhance the growth of insurance in Nigeria, as well as increase the relevance of insurance brokers.
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NCRIB commiserates with Galaxy TV, others over fire disasters
Following the incessant fire outbreak in the country, the Nigerian Council of Registered Insurance Brokers (NCRIB) have advised business owners and individuals to devote more attention to risk prevention mechanisms.
President of the Council, Kayode Okunoren made this call while condoling with management of Galaxy Television, whose station was gutted by fire recently in Lagos and other victims of recent fire outbreaks in Lagos and other parts of the country.
He said insurance is pivotal in preserving their material resources. He said the council notes with regret that the outbreaks of fire have become a recurring decimal in the country, draining the nation of substantial material resources and loss of human lives.
He said: “Individuals and business owners need to understand risk vulnerability occasioned by the present harsh weather conditions and poor town planning policies, and in so doing, engage insurance experts to advise them on risk prevention.
“While the painful incidents of fires with its ravenous effects had been witnessed in Ibadan, Nnewi and Kaduna in recent times, Lagos State has also had its painful share of the incident.”
He urged state governments to get involved in massive education of its citizens on need to engage risk prevention mechanism with special emphasis on insurance.
He also called for a synergy between the insurance industry and various organisations and agencies to continually brainstorm of preventive strategies and evolvement of public enlightenment activities to reduce the menace of fire incidents in the country.