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Tag: NCRIB

  • NCRIB appeals to NAICOM over delisted brokers

    NCRIB appeals to NAICOM over delisted brokers

    The Nigerian Council of Registered Insurance Brokers (NCRIB) has appealed to the National Insurance Commission (NAICOM) to revisit the case of some of the 108 delisted broking firms as some of them made errors that are deliberate.

    Executive Secretary, Nigerian Council of Registered Insurance Brokers (NCRIB), Fatai Adegbenro, who made the appeal in an interview with The Nation, said the Council also approach the National Assembly to make presentations on their case.

    According to him, about 1000 employees have lost their jobs as a result, thereby causing untold hardship to them and their family members.

    He said the delisting of the 108 broking firms means pushing all those working with the firms into the employment market which will further create a terrible social problem for the industry and the country at large.

    He stressed that for every employer, there are about eight employees whose children’s education would be distorted.

    He said Glanvilles has about 80 employees.

    He believes that the problem of unemployment should not be compounded but be solved.

    Adegbenro stated that while they do not encourage their members to flout the laws, the regulator should bear in mind that the problem is not an industry problem but that of a country that has in the past jettisoned orderliness.

    He said the Council met with the Commission three weeks ago after they were intimated of the decision to delist the brokers.

    He said they sought to see the list before it was released to cross check the names they had with their own record.

    He noted that the Commission went ahead to delist the brokers without informing them in the know.

    He said they swung into action by checking their records and found out that of the 230 broking firms, only 108 had NCRIB certificates.

    He said: “We looked at it as against what we were made to believe that the licenses affected were not renewed for two or more years. We also observed that about 30 members had issues this year like submitting late beyond the time stipulated by the regulator.

    “If you look at the antecedent of where the entire country is coming from, you will find out that it is that of a country that has jettisoned orderliness. But people are beginning to shift ground because a new sheriff is in town. Some of the brokers made errors and omission but they are genuine. They have been adding value to the industry in the past. At the same time, there are some that have not renewed their licenses for about five to 10 years and these group can be seen as not being serious with their business.

    “We don’t have any problem with the Commission delisting these set of brokers but our concern and worries is on those who had genuine cases for the errors or omissions that they may have made. They had issues and were unable to renew their license for just about a year or two. We are asking the Commission not to cut off a head from the body because it made some mistakes. There are other ways of sanctioning them and we are engaging the Commission to take a second look at the matter.”

    The commission had on December 8, delisted 108 insurance brokers for failing to renew their licenses.

    Names of Insurance Broking Companies delisted by the Commission in line with the provisions of insurance laws are Glanvill Ethoven & Co Insurance Brokers Nigeria Ltd, Glanvill Ethoven Life And Pension Consultants Insurance Brokers Ltd, Glanvill Ethoven Reinsurance Brokers Ltd, First Mutual Insurance Brokers, Accredited Insurance Brokers, Aci Insurance Brokers, Alpha Insurance Brokers, Apl Insurance Brokers, Atlantic Insurance Brokers Ltd, Ariel Insurance Brokers Ltd, Arimok Insurance Brokers, Aso Solid Insurance Brokers, Ayeson International Insurance Brokers Ltd And Backlay Insurance Brokers, Finbank Insurance Brokers Ltd.

     

     

    They also include Barmco Insurance Brokers Ltd, Beaver & Roger Insurance Brokers, Biscons Insurance Brokers, Chase Insurance Brokers, Clackson Edu & Co Ltd, Classic Insurance Brokers, Continental Risk Care Insurance Brokers Ltd, Concris Insurance Brokers Ltd, Crestfield Insurance Brokers, Cusworth Insurance Brokers, Cute- Citizen Insurance Brokers, Dadafa Insurance Brokers, Dayspring Insurance Brokers, Delight Insurance Brokers, Distinct Insurance Brokers, Double-A Insurance Brokers, Eclona Insurance Brokers, Ecobed Insurance Brokers, Edmans Insurance Brokers, Effacc Insurance Brokers Ltd,Emerald Insurance Brokers, Eulix Insurance Brokers, Exquisite Insurance Brokers.

    “Others are First Cover Insurance Brokers Ltd, First Cover Masters Insurance Brokers Ltd, First Eco (Wa) Insurance Brokers Ltd, Flagship Insurance Brokers Ltd, Gaywood Insurance Brokers Ltd, Global Heritage Insurance Brokers, Goodgate Insurance Brokers, Grace Church Insurance Brokers, Greenfield Insurance Brokers, High Gate Insurance Brokers Ltd, Ifa Insurance Brokers, Indent Insurance Brokers, Intergrity Trust Insurance Brokers, International Chartered Insurance Brokers Ltd, International Insurance Brokers Ltd,Intra Niger Insurance Brokers Ltd,Irving Insurance Brokers,Jayford Insurance Brokers,Kal & Kay Insurance Brokers, Kardinal Insurance Brokers Ltd among others.

  • Ogun, NCRIB partner on building, disasters insurances

    Ogun, NCRIB partner on building, disasters insurances

    Ogun State government has collaborated with the Nigerian Council of Registered Insurance Brokers (NCRIB) to enforce relevant Acts on insurance of public buildings.

    The state also stated its readiness to partner brokers in the area of disaster management and enforcement of Section 64 and 65 of Insurance Act 2003 on insurance of public buildings.

    The Ogun State Commissioner for Finance, Mr. Adewale Oshinowo while receiving the NCRIB delegation to the State Secretariat, said the need to engage insurance professionals in risk management is pertinent.

    He said: “In view of recent incessant building collapse and other forms of disasters across the nation, it is expedient for the state, which prides itself as the economic hub of the nation and its proximity to Lagos, to partner with brokers to win more investors mind.

    “It is a known fact that Ogun is one of the most strategic states in Nigeria today, partly because of its proximity to Lagos which has remained the commercial nerve centre of Nigeria.

    “Government could also be saved of unnecessary hassle of dolling out the meagerly acquired fund of the state to compensate victims of insurable disaster when insurance professionals could handle same at a very minimal cost.”

    He enjoined brokers to think out of box and be more creative in their product development that would directly impact people’s lives.

    NCRIB President, Kayode Okunoren, who led the delegation on the courtesy visit, applauded the state government under the administration of Senator Ibikunle Amosun for human and physical transformation which has been recorded in the state since he assumed office.

    According to him, no country can have sustainable economic development by making insurance its last consideration. Funds from insurance constitute a large percentage of investible reserves of most progressive nations apart from guaranteeing peace of mind which is germane to progress, he said.

    Okunoren regretted that the law on insurance of public buildings that was promulgated to protect citizens against losses is not being adhered to by most states.

    He solicited for the support of the state in the area of compliance with law enforcement on public building and a disaster management through insurance.

  • ‘How to combat challenges in the North’

    ‘How to combat challenges in the North’

    Insurance brokers in the  North need to be more creative  in product marketing in order to survive the challenges confronting that part of the country, President,  Nigerian Council of Registered Insurance Brokers (NCRIB), Mr. Ayodapo Shoderu, has said.

    Shoderu gave the advice at the investiture of new executives of the Kano Chapter of the council in Kano.

    He lamented the challenges poised to insurance and the economy generally in the North following the grinding security challenges in the region. He told the brokers to study their environment as well as peoples’ needs and come up with tailor made insurance policies to suit their needs as they are professional intermediaries in the insurance value chain. He also implored government in the region to stem up strategies for combating the security challenges so that the economy of the area could be afoot again.

    The importance of the North to the economy, he reckoned, cannot be underestimated going by its antecedents, especially when it is considered that the region constitutes the industrial hub of the nation, going by the existence of large industries sited there.

    “In spite of all odds, if you are doggedly determined, the sky can only be your starting point. This is definitely an auspicious moment to admonish all my professional colleagues to brace up to the challenges confronting our practice, and strive at all times to be ingenious,” he said. For him, if other professions and trades are thriving in Kano State in spite of the present challenges, Insurance Brokers can also thrive as long as the operators brace up and evolve products that will naturally meet customer’s needs and aspirations.

    The new Chairman of the Kano Chapter, Mr. Olalekan Olaniran, called for support, stressing the need for the broking arm in the north to wake up to participate in the economy.

    His words: “Insurance industry plays a pivotal role in the engineering of a nation’s economy; hence, the industry players cannot afford to be on the fence in the scheme of things within the nation’s economy. For us to be reckoned with by the government and other players in the economy, we must have to make ourselves relevant at all times. The window of opportunities which the law on local initiative contents afforded our industry has not been fully tapped as Commissioner for Insurance, Fola Daniel has challenged our industry for not taking full advantage of the law”.

  • Delist NCRIB, brokers tell CAC

    Delist NCRIB, brokers tell CAC

    THE Nigerian Council of Registered Insurance Brokers (NCRIB) has called on the Corporate Affairs Commission (CAC) to delist the association of Practising and Professional Insurance Brokers in Nigeria for contravening its objectives.

    NCRIB’s President, Ayodapo Shoderu, made the call during a courtesy visit to the Registrar General of CAC, Bello Mahmud, in Abuja.

    He stated that the Association of Practicing and Professional Insurance Brokers in Nigeria is encroaching on the operation of NCRIB.

    According to Shoderu: “I implore the Commission to request for evidence of professional qualification of the Chartered Insurance of Nigeria or its equivalent from at least a director of prospective company, as this measure will pave way for greater professionalism and improve the quality of service delivery by the company.”

    “The Council is of the view that if the association is allowed to exist, there would be confusion in the minds of the public as to the authentic voice of insurance brokers, even as it appeals to the Commission to withdraw its certificate.”

    Mahmud assured that NCRIBs request will be granted as the CAC will ensure Insurance Broking companies comply with minimum share capital of N5million as prescribed by law before registration.

     

  • NCRIB solicits CAC’s assistance in registration of brokerage firms

    NCRIB solicits CAC’s assistance in registration of brokerage firms

    The Nigerian Council of Registered Insurance Brokers (NCRIB) has solicited the support of the Corporate Affairs Commission (CAC) for the incorporation of new companies wishing to go into insurance broking.

    NCRIB President, Ayodapo  Shoderu, who made the call during a courtesy visit of the NCRIB delegation to the Commission’s office in Abuja, said it would ensure sanity and professionalism in insurance broking practice.

    The Council urged CAC to  request for evidence of professional qualifications of the Chartered Insurance Institute of Nigeria (CIIN) or its equivalent, from at least a director of prospective firms as required for companies going into other professional practices.

    He explained that the request would further ensure greater professionalisation and improve the quality of service delivery by the companies.

    The NCRIB chief, who applauded the CAC for ensuring effective corporate governance in business through its efficient and dispassionate approach in the registration and incorporation of business institutions in Nigeria, particularly under the management of the Registrar General, Mr. Bello Mahmud, stressed the need to imbibe the position of the Council on registration of new firms.

    While intimating the Registrar and his team with the workings and importance of insurance brokers in relations to the economy, he explained that NCRIB, the umbrella body of all Registered Insurance Brokers in Nigeria, with over 500 members operating within the nooks and crannies of Nigeria, should be allowed to play a pivotal role in sustaining the  economy.

    Mahmud, however, assured the Council of the Commission’s commitment to adhere to laws and regulations that spelt out the basic minimum requirement before registration of any broking firm, charging his management team to pay attention to details as enumerated by the NCRIB president.

    Mahmud enjoined the industry to reconsider its stand on the implementation of ‘No Premium, No Cover’ policy, stressing that many organisations have found it difficult to meet up with their insurance obligations.

    According to him, many insured  people still find it difficult to get their claims when there is need for it.

    Shoderu said the request of the commission on the amendment to the implementation of “No Premium, No Cover” was not within the jurisdiction of the Council, stressing that the Insurance Act prohibit the practice.

    He further said with the implementation of the policy, no underwriter could hold on to genuine claims.

    No underwriter will provide cover without payment of premium and no Broker can hold to premium beyond a stipulated time. The onus is on brokers to help their clients pursue genuine claims when the need arises.

    That is one of the reasons while we clamour for involvement of duly registered insurance brokers while transacting insurance business, he said.

  • NCRIB in dilemma over charter bid

    NCRIB in dilemma over charter bid

    There is disquiet among Insurance brokers under the umbrella of the Nigerian Council of Registered Insurance Brokers (NCRIB) over a plan to become a chartered body and be self-regulatory. The brokers fell into trouble with other trade associations after the only chartered professional body, the Chartered Insurance Institute of Nigeria (CIIN) kicked against their bid. They have since been in a dilemma on how to resolve the issue. Omobola Tolu-Kusimo reports

    Insurance brokers under the umbrella body of the Nigerian Council of Registered Insurance Brokers (NCRIB) has, for a long time, pushed to self-regulate themselves instead of being   regulated by the National Insurance Commission (NAICOM).

    To pursue their dream, they are pushing for an Act in the National Assembly to create an Institute of Chartered Insurance Brokers, and transform it from its current status as a market association to a regulator.

    The Bill, SB 507 was enrolled in the Senate on June 26  this year, and has passed through the second reading in the chamber. It is a private bill being sponsored by Senator Gbenga Kaka from Ogun State.

    Section 2 of the Bill stipulates the duties of the institute when it is finally created, to include establishing and maintaining a central organisation for all insurance brokers, and enrolling persons as chartered insurance brokers.

    Others are to “register insurance broking bodies, and secure in accordance with the provision of the bill, the establishment and maintenance of a register of chartered insurance brokers containing their names, addresses and qualifications and such other particulars as may be prescribed of all persons who having applied in the prescribed manner, are entitled under the Bill to be registered, and the publication from time to time, of the lists of this persons.”

    The institute when created will further seek “to encourage the dissemination of knowledge, education practical training and research into the profession, establish and maintain a library” and also arbitrate or settle dispute or questions between members and other parties.

    “While it will discipline its erring members, the institute will also do such things from time to time, aimed at elevating the status of the chartered insurance brokers and the protection of their interests and procure their general efficiency and proper professional conduct,” the Bill provided.

    But the crux of the matter and the question on the mind of most operators in the industry is whether the brokers are disciplined enough to self-regulate themselves. They wonder how safe is the insured premium with a broker, who is not under the regulation or an authority of a higher body?

    Meanwhile, the educational arm of the industry, the Chartered Insurance Institute of Nigeria (CIIN) has requested that the Senate throws out the Bill as it is tantamount to running parallel to the industry regulator, NAICOM.

    Before now, some of the brokers have always been at loggerheads with NAICOM over what they described as highhandedness of the regulator against them and have  threatened to drag the Commission to court.

    A hot battle could have ensued in 2010 between the duo as a result of some recommendations made to the government in the Insurance Act 2003, which is still under review at the National Assembly. The brokers were almost going to court over what they alleged as undermining their importance in the review of the Act, but it was settled before it degenerated.

    A few years after, they continued to disagree with the Commission as it recently deregistered some 32 members over regulatory requirements. The Commission made itself clear that it will not relent at enforcing the law on erring brokers or underwriters who engage in various malpractices in the industry.

    Commissioner for Insurance, Fola Daniel, said the recent withdrawal of 32 licenses of insurance brokers is as a result of their inability to meet the requirements of the Insurance Act 2003, which mandates brokers to renew their licences and render  returns as at when due to the regulatory agency.

    Daniel called on the brokers to abide by the industry’s laws or face the music as there is no longer hiding place for offenders.

    He said the Commission will be very firm in enforcing compliance with laid down rules and regulations in order to instill discipline in the sector. He said: “It is high time we all stepped up our game and learnt to play by the rules. It is only by so doing that we can achieve real growth and development in the industry and make meaningful contribution to the economy.

    “The Commission will continue to create the right environment for ethical behaviour and conversely, where we identify actions detrimental to the interest of the industry; we shall take corrective steps as part of our mandate. We shall continue to be responsible, responsive and when necessary, carry you along in the course of our actions and/or inactions; but in the overall interest of the industry, will regulate in accordance with international standards and best practises.”

    CIIN President, Bola Temowo, in a letter to Senate President, Senator David Mark, titled: “Concerns of the Nigeria Insurance Industry about the Bill before the National Assembly for an Act to Provide for the Establishment of the Institute of Chartered Insurance Brokers,” said the CIIN is the body charged with the general duty of determining the standards of knowledge and skills to be attained by persons seeking to become registered members of the insurance profession in Nigeria.

    The letter read: “The institute is empowered to carry out these duties by the provisions of the CIIN Decree No 22 of 1993. Among the principal objectives of the institute are to promote insurance education through conducting professional and certificate examinations for the purpose of registering eligible persons as insurance practitioners, encourage and assist insurance professionals to regularly update their knowledge in order to respond positively to changes in the business environment and meet the challenging needs of their clients; promote the general development of insurance practice by conducting, encouraging and assisting in the conduct of research into insurance and allied subjects with special emphasis on local practices, laws and conditions and also uphold and encourage members to adhere strictly to the observance of the industry codes of conduct and ethics for a healthy practice of the insurance profession.

    “The Governing Council of the institute that makes policy decisions, which cover all spheres of the Institute’s operations, has representations from all the trade associations in the industry, including the NCRIB.

    “The industry as represented at the Insurance Industry Consultative Council of the Chartered Insurance Institute of Nigeria, hereby states its concern about the bill. The ostensible goal of the sponsor of the Bill is to transform the NCRIB, an existing trade association to the status of a chartered professional body. This is inconsistent with practices in other known jurisdictions and will create conflict of laws. All the activities that are intended by the bill in this regard are currently being performed on behalf of the entire industry by the CIIN.

    “The attention of your Excellency is drawn to the fact that if the bill is passed into law by the National Assembly it will be in conflict with the powers of NAICOM to register or license and regulate conduct of operators in the insurance sector. The quest is unconventional in the comity of global insurance professional bodies and will dismember the insurance sector of the nation’s financial system.

    “It is capable of introducing double standards and engendering dissent and division in the insurance sector of the nation’s financial system. The industry cannot afford any Act seeking to further divide it and weaken the fabric of its much desired bonding. The entire industry is opposed to the Bill and considers therefore, the withdrawal of the Bill from being passed into law.

    In another letter by Temowo to the NCRIB President, Ayodapo Shoderu, titled: “Expression of Disappointment at the Subsisting Bill before the National Assembly for an Act to provide for the establishment of the Institute of Chartered Insurance Brokers,” said the CIIN Governing Council is appalled by the Bill especially, on the intent and purpose to keep this from the knowledge of the Insurance Industry Consultative Council (IICC) of which NCRIB is an active member.

    He said: “We note with displeasure, the intent of NCRIB in seeking what is tantamount to the dismemberment of the singular professional body, the CIIN, which by Decree 22 (Now Act) of 1993 was assigned the responsibility to determine the standard of skill and knowledge for insurance practitioners in Nigeria including insurance brokers.

    “The quest by NCRIB for a second chartered body within the industry is not only in bad taste, but also unconventional. NCRIB as an existing trade association in Nigeria is already providing the necessary and adequate bonding for practicing insurance brokers. This does not in any way necessitate the charter status as the CIIN already provides this coverage for all insurance professionals and non-professional members.

    “It is Council’s conviction that the industry Consultative Council provides the platform for the ventilation of ideas for possible deliberation. Any action in negation of the objectives of the IICC will not augur well for the much needed bonding of all arms of the industry.”

    The CIIN, therefore, asks the NCRIB President to consider the withdrawal of the Bill and also a response to the letter before the next meeting of the IICC, which held on November 19.

    The Nation, however, gathered that at the IICC meeting last week, it was resolved that the NCRIB withdraws the Bill from the National Assembly with immediate effect.

    A senior official in the industry, who spoke on condition of anonymity, said the NCRIB is not capable enough to discipline its members. He noted that the NCRIB must remain under the regulation of NAICOM to maintain law and order in the industry. He also urged the National Assembly to throw out the bill.

    The NCRIB President, Shoderu, in a telephone interview with The Nation, could not confirm or deny whether the Bill has been withdrawn or not. He said he would brief the press at the appropriate time.

    A past president of the NCRIB, Laide Osijo, said the association is still debating the Bill, to avoid crisis in the industry. “We are still discussing it because we don’t want controversy with anybody in the industry. The past presidents have intervened and we are deliberating,” he said.

     

     

     

     

     

  • Okonjo-Iweala urges operators on industry growth

    Okonjo-Iweala urges operators on industry growth

    The Nigerian insurance industry is growing at a pace desired by the Federal Government, the Co-ordinating Minister of the Economy and Minister of Finance, Dr. Ngozi Okonjo-Iweala has said.

    The Minister made the statement at this year’s national conference of Nigerian Council of Registered Insurance Brokers (NCRIB), themed: “Disaster Management: Any Role for Insurance and Insurance Regulation?” held in Abuja.

    She said there has been remarkable improvement in the last five years, where the industry was ranked number five in Africa. She said Nigeria is number three, trailing behind South Africa and Morocco.

    She noted that the coumtry’s economy is the largest in Africa, thus having the potential to be the largest insurance industry in the continent sooner than later and can only be achieved by remaining cohesive and focused.

    She stated that it is the government’s expectation that the industry will propel economic growth, adding that NCRIB members should continue to support the National Insurance Commission’s (NAICOM) ongoing efforts to instill market discipline and international best practices.

    Concerning the conference, Okonjo-Iweala said the theme was very apt based on growing incidences of disasters across the country and the impact of the losses on human and material assets.

    She said: “The primary role of insurance is to restore the policyholder back to business whenever the risk insured crystallises. In fact, insurance is the confidence entrepreneurs need to embark on any significant venture.

    “Natural catastrophes affect all sectors of business directly and indirectly. Disasters can cause operational and supply chain disruptions through the physical damage to property and or loss of critical resources and infrastructure, which can cripple an entire operation.

    “Yet, there is this erroneous belief by some entrepreneurs that perceive insurance as a cost. This, indeed, is an error. In reality, insurance is probably one of the biggest value additions to any business. We have experienced devastating events such as natural disasters without any prior warning. Insurance is the only effective mechanism to minimise the loss caused by these unforeseen events, which in some instances can mean saving an entity from having to close shop.”

    She stated that there had been incidences of fire disasters, collapsed buildings, flooding in the country, storms and fatal accidents without insurance cover for these losses, which have reduced the affected individuals to poverty while victims are left without compensations.

    She said the recent flood disasters in the country washed away so many homes and businesses including fish ponds. From available records, she said, the industry was on hand to restore businesses that were insured with them, particularly farmland and produce that were washed off by the flood.

    On regulation of the industry, the minister said the impression one gets is that insurance operators, intermediaries and underwriters abhor regulation. “I’ve seen commentaries in the media of recent, of complaints from operators, of excessive regulation. I’ve seen and read about sections of your profession advocating and soliciting to regulate themselves.

    “Regulation becomes imperative to protect management from the excesses of companies’ directors, the management and directors against infringing the interest of shareholders and policyholders or the exuberant insurance broker against the interest of the insurance company or vice versa.

    “Definitely, regulation is beyond the registration or management of a club membership. Clubs are voluntarily set for the protection of some interests and the promotion of some benefits and where the two mixes, conflict arises. Regulation should be the coming together of some responsible structures that cater for all and more, of the interest listed above especially, that of responsible governance and of the public image at large.”

    She also admonished operators on the need to join hands with the the government’s quest to ensure financial inclusion in all spheres of the community.

    She noted that the task will entail conducting themselves in a manner that would help deepen insurance, which arguably is the weakest in the chain of financial services.

    “We cannot add value to this noble objective with a decimated insurance industry, no matter the personal urge to satisfy private ends. I would, therefore, enjoin you all to avoid any journey in self-destruction, no matter the temporal benefit that may be perceived as attainable,” she added.

    The NCRIB President, Ayodapo Shoderu, said the council’s adherence to professionalism is undisputable,  adding that the council will spare no available opportunity to chastise charlatans in realisation of the need to promote professionalism and embed high ethical standards among insurance brokers.

    He said the council is engaging NAICOM on a very silent, but robust and result-oriented discourse over the recent deregistration of some of the council’s members by the Commission, stressing that, within a very short period the issue would be fully resolved.

    He added that through the council’s intervention, NAICOM has invited some of the deregistered brokers to update their registration and commence operation.

    While NAICOM has maintained a good stand as arbiter between insurance brokers and underwriters, it has also continued to facilitate adherence to ethics and professionalism through collaboration with the council on implementation of the NCRIB Act.

    It is on record that members have benefited from this formidable relationship through reduction in levies charged by the commission.

  • NCRIB’s confab on disaster management, regulation coming

    NCRIB’s confab on disaster management, regulation coming

    The Nigerian Council of Registered Insurance Brokers (NCRIB) has said insurance involvement in disaster management will take the centre stage at its forthcoming National Insurance Conference in Abuja scheduled for  October 22, its Public Relations Manager, Dele Ayeleso, has said.

    He said the theme of the conference is “Disaster Management: Any role for Insurance?” He stated that the chairman of the events organising committee, Sola Tinubu, said the conference is expected to draw participation from disaster and insurance management institutions from both home and abroad and will further impress the role of the insurance industry in disaster management in the country.

    According to Tinubu, the insurance industry, which has the professional obligations of risk mitigation, had often been sidelined in disaster management in Nigeria against practices in other parts of the globe.

    He said the conference could not have been more timely than now considering the chain of events happening all over the world leading to unprecedented losses in human and material assets.

    “The conference which has the sub theme: “Insurance Regulation: The Global Perspective” would provide  platform for discussing current trends with regard to insurance regulation in Nigeria,” he said.

    Dignitaries expected at the conference include the Senate President,  David Mark, Minister of Finance,  Mrs Ngozi Okonjo-Iweala, President,  Ghana Insurance Brokers Association (GIBA), Nathan Adu,  Minister of Health, Professor Onyebuchi Chukwu,  Commandant General,  Nigerian Security and Civil Defence Corps (NSCDC), Dr Ade Abolurin, Commissioner for Insurance, Fola Daniel, Director General, National Emergency Management Agency  (NEMA), Muhammad Sani Sidi, among others.

     

  • Insurance industry mourns IGI chief

    Insurance industry mourns IGI chief

    The Nigerian Council of Registered Insurance Brokers (NCRIB) and the Association of Registered Insurance Agents of Nigeria (ARIAN) have commiserated with the board, management and staff of Industrial and General Insurance Plc (IGI), over the passing away of their Executive Vice Chairman and Chief Executive Officer, Dr. Oluremi Olowude.

    The NCRIB described the death of Olowude as a colossal loss to the Nigerian insurance industry and entire nation at large. NCRIB President, Ayodapo Shoderu, noted that the council identified with the immediate family members of Late Olowude, management and staff of his company at this moment of grief.

    He said: “Definitely, the exit of Olowude signals the close of a chapter in the history of the reformation of the industry, considering his pivotal roles in giving the industry a new look through founding of IGI Plc.

    “Olowude’s frankness, resourcefulness and love for the industry were legendary and would be missed for a long time to come.

    In the same vein, the Association of Registered Insurance Agents of Nigeria (ARIAN), said it was shocked and saddened to hear about the demise of the immediate past Chairman of Nigeria Insurers Association {NIA} and Vice Chairman/founder of IGI, Late Remi Olowude.

    ARIAN President, Gbadebo Olamerun said: “We met on different occasions discussing on how to increase and improve the penetration of insurance in our dear country. His contributions were germane to the development of the industry, for he was noted for his doggedness toward improving the insurance industry”.

    Olowude died on Saturday,  September 27, in an hospital in the United States, after a brief illness. He was aged 63.

    The company’s Senior Manager, Corporate Communications, Steve Ilo, announced the death to reporters. The company described by the company as a visionary entrepreneur with remarkable patriotic zeal. He was said to have built a virile conglomerate with interests in insurance, banking, health management services, construction, and telecommunications services.

    He was a frontline member of Corporate Nigeria and the immediate past Chairman of the Nigerian Insurers Association (NIA).

    The company stated: “IGI Plc, which he founded in 1992, is a leading insurance company in Nigeria underwriting all classes of insurance business. IGI is also present in Uganda, Rwanda and The Gambia, with a representative office in London.

    “The Board and Management assure all stakeholders that we shall preserve the IGI legacy and vigorously pursue the dream and vision of the departed founder.

     

  • NCRIB gets new PR Manager

    The management of Nigerian Council of Registered Insurance Brokers (NCRIB) has appointed Oladele Ayeleso as its Public Relations and Communication Manager.

    He is a graduate of Statistics of the Polytechnic, Ibadan. He has attended several trainings and seminars both in and outside Nigeria on reportage of insurance and pension industry with over 13 years of working experience spanning diverse functions of reporting and teaching.

    Prior to his career in journalism, Ayeleso has worked as a teacher where he rose to the level of a supervisor in Bofel Group of Schools, Ibadan. He joined African Newspaper of Nigeria, Publisher of Nigerian Tribune titles in 2005 and rose to the level of Chief Correspondent before his exit in 2012.

    Ayeleso joined West Africa Business News as Insurance Editor where he worked until his recent appointment.

    He is expected to use his wealth of knowledge of the industry to further boost the image of the council and that of the entire insurance industry, the Council said in a statement.

    It is expected that the appointment of Ayeleso will further enhance the positive perception of public about the functions and importance of insurance brokers, the group said.