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Tag: NCRIB

  • NCRIB appoints new PR Manager

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

    Ayeleso 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.

    He is a graduate of Statistics from the Polytechnic, Ibadan. He has attended several trainings and seminars both within and beyond the shores of Nigeria on reportage of insurance and pension industry with over thirteen 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.

    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.

  • Skills gap, terrorism, others threaten insurance

    Skills gap, terrorism, others threaten insurance

    The skills gap in highly technical areas of insurance operations such as marine and aviation, oil and gas and the increasing environment of uncertainty and crimes including Boko Haram, kidnapping, among others, are threatening the survival of the nation’s insurance industry.

    The Director-General of the Nigeria Insurers Association (NIA), Olorundare Thomas, made this known at a media retreat by NIA, CIIN, NCRIB and ILAN in Abeokuta, Ogun State.

    Other areas of concerns identified by the operators include poor industry database, poor standard of living of Nigerians and their low disposable income; poor attitude to savings and risk management unlike what we have in other developed jurisdictions; faking of insurance certificates, industry practices that are not consistent with sustainability, cut-throat competition among the operators, poor attitude to training and human capital development and the less than optimal financial literacy.

    Besides, Thomas said emerging issues in the industry include problems of capital flight in the areas of the Local Content, Market Development and Restructuring Initiative (MDRI), No Premium No Cover and the increasing issues of compliance, both legislative and financial, giving the instance of the International Financial Reporting Standard (IFRS) and emerging regulations.

    He added that there was also the issue of financial inclusion strategy; attempts at countering fake operators, market agreement issues; offshore offices; insurance penny stocks and investor issues.

    He added: “The Insurance Industry has continued to be bedeviled by several challenges relating to image and public perception. Among these challenges is poor public perception occasioned by several factors including what many term the conservative nature of insurance and its operators.”

  • Union Assurance hosts brokers tomorrow

    The Nigerian Council of Registered Insurance Brokers (NCRIB), will tomorrow hold the Council’s Members’ Evening.

    The event, which will hold at the Insurance Brokers House, Yaba, Lagos will be hosted by Union Assurance Company Limited.

    The Assistant Executive Secretary of NCRIB, Tope Adaramola, who made this known, said the Evening would be utilised by management of the company led by its Managing Director, Mr. Godwin Odah to prospect for greater chunk of the nation’s insurance market through insurance brokers, who are believed to control the critical chunk of the country’s insurance business.

    He said aside the professional interactions, the forum will also be utilised to add the voice of the insurance sector to the containment of the dreaded Ebola virus, through presentations by health professionals invited to grace the occasion.

    The bi-monthly event has become a veritable platform for professional interaction between brokers and host underwriters, in a bid to make the insurance industry cohesive and robust.

  • Brokers urge NLC to drive pension reform law

    Brokers urge NLC to drive pension reform law

    The Nigerian Council of Registered Insurance Brokers (NCRIB) has urged the Nigeria Labour Congress (NLC) to tackle firms that have breached the provisions of the 2014 Pension Reform Act.

    NCRIB’s President, Nigerian Council of Registered Insurance Brokers, Mr. Ayodapo Shoderu,  said this during an interactive session by the NCRIB, NLC and some insurance operators in Enugu.

    He said participants also suggested the need to create platforms of interaction among NLC, employers’ unions and other critical stakeholders to highlight the importance of the Group Life in the new reform and the need for compliance.

    Shoderu said it is the responsibility of the NLC to meet professional bodies, especially human resources or workers, to execute the new reform in favour of workers.

    He called on NLC to impress it on notable regulatory institutions to show evidence of compliance with Group Life as a prerequisite for granting approvals or yearly renewals as being done for insurance operators, who are requested to show such evidence before renewal of their yearly licence with the National Insurance Commission (NAICOM).

    He added that there was the need to create more aggressive awareness campaigns to encourage workers to adhere to the Reforms Act and sensitise employees to demand compliance by their employers.

    According to Shoderu, the welfare of workers should be given priority by governments, pointing out that the quality of Labour is a major index for determining the advancement or other wise of countries.

    The NCRIB chief said countries, such as the United States, United Kingdom, Japan and lately, China, have attained their enviable state as developed nations because of due consideration their governments accorded Labour.

    He stressed that the Reforme Pension Act has mandated employers to take Group Life Assurance for their workers, noting that the step would increase the regime of benefits that could accrue to workers in retirement.

    He said: “Aside from the increased pension contributions on the part of the employers, the reform provides that an employer’s contribution under the Group Life should not be less than 20 per cent of the employee’s monthly emolument. In addition, a Group Life Insurance policy must be maintained in favour of the employee’s annual total emoluments similar to the old Act.

    “The elimination of Letter of Administration for the processing of Group Life to beneficiaries of deceased workers is also a good idea that has made access to death benefits by dependents much easier than it was before.”

    He regretted that despite the laws on compliance with Group Life by employers, the government has continued to fail to comply.

    “The Federal Government and its agencies could be said to be less culpable as records show higher compliance by Federal Government agencies. Some of the weak reasons being adduced were that the Group Life Insurance enforcement is a national law that must first be complied with by federal institutions for their workers while the states and local government could comply at their convenience. The fact must be made that law is law and must be complied with by all strata of government, irrespective of jurisdictions,” he added.

  • Biba admits Ncrib as affiliate

    Biba admits Ncrib as affiliate

    The British Insurance Brokers Association (BIBA) has admitted the Nigerian Council of Registered Insurance Brokers (NCRIB), as  an affiliate of BIBA, the world leading umbrella body of insurance intermediaries.

    Conveying the admission after a special session with Nigerian delegation to the 2014 BIBA Conference held in Manchester, United Kingdom, the Chairman of BIBA, Lord Hunt said through the synergy, the two professional bodies could now latch on each other’s strength to grow insurance broking in their different jurisdictions.

    Hunt, a former UK Science Minister, said the contemporary challenge of technology and global business had placed insurance business at the centre stage in the scheme of things, necessitating the dire need for strong international synergies across insurance professionals in the world.

    He noted that the world of insurance and pensions have become highly complicated thereby making insurance brokers and similar intermediaries more relevant than they had ever been.

    Hunt said that the market basis between UK and Nigeria was similar in so many ways; hence the two climes must look unto each other for continuous guidance.

    NCRIB President, Ayodapo Shoderu, said the need to grow the Nigerian insurance broking practice across international borders informed his administration’s focus on global synergies, noting that the new BIBA affiliation will provide a leeway for insurance brokers under the aegis of the Council to develop greater capacity.

    He appreciated BIBA for acceding to the request for affiliation which was made during his recent visit to the association.

    He said the development would place NCRIB and its members in a better pedestal in terms of professionalism and market exposure.

     

  • 30% of brokers fail to file returns to NAICOM

    30% of brokers fail to file returns to NAICOM

    BOUT 30 per cent of brokers have failed to file returns to the regulatory body, the National Insurance Commission (NAICOM).

    President, Nigerian Council of Registered Insurance Brokers (NCRIB), Ayodapo Shoderu, made this known at a meeting between the Commissioner for Insurance, Fola Daniel and council executives held at the council’s members evening hosted by Old Mutual Life Assurance Company Limited in Lagos.

    Shoderu said the commission  would not renew the licences of erring brokers.

    He warned brokers to be cautious and adhere to the regulations of the commission.

    He also said individuals seeking to establish insurance broking firms will henceforth have to scale more stringent hurdles before they can be admitted as members of the NCRIB.

    He stressed that the body will be more stringent in admission of new members to prevent infiltration of the broking world by opportunists who may want to borrow the garb of insurance brokers under whatever guise.

    He noted that whatever bad name the insurance industry has attained today could be said to have been caused by the activities of these unethical practitioners who are always set to dupe unsuspecting insurance clients, a trend which he says  must stop.

    He further disclosed that NAICOM has agreed to process this year’s renewals with 2012 accounts, as against the earlier position which stipulated that 2013 International Financial Reporting Standards (IFRS) compliant accounts should be used.

    He said the Commissioner for Insurance Fola Daniel agreed based on appeals by the council leadership.

    According to him, the commissioner was not happy with the number of companies that have so far submitted their 2013 accounts.

    Managing Director, Old Mutual Life Assurance Company Limited, Keith Alford, called for more collaboration between brokers and underwriters.

    He added that the job of taking the industry to lofty heights rests on both parties.

     

     

    He said his company seeks to be number one or two in the industry, adding that to achieve this, the company is focused on identifying the needs of Nigerians, creation of financial education, innovation and good customer service.

     

  • NCRIB trains brokers on IFRS

    NCRIB trains brokers on IFRS

    The Nigerian Council of Registered Insurance Brokers (NCRIB) has commenced training of its members on the International Financial Reporting Standards (IFRS), its President, Mr. Ayodapo Shoderu has said.

    According to him, the training will be carried out in tranches, begining in Lagos then moving to Abuja and Enugu.

    While declaring open the pilot training in Lagos, Shoderu disclosed that the IFRS was designed as a common global language for business affairs so that companies’ accounts are understandable and comparable across international boundaries.

    According to him, IFRS is a consequence of growing international shareholding and trade and is important for companies that have, or angling to have dealings in several countries.

    He said: “The IFRS behoves on accountants in broking firms to maintain books of accounts which are comparable, understandable and relevant. The scheme required that operators be more transparent and meticulous in their financial accounting formats.

    “We are all aware that the global environment in which we operate has posed greater challenges to us to be more ethical and eschew unprofessional conducts if we want to remain in business,” he said.

    He said the Council has engaged the services of leading IFRS consultants under its shared services scheme to reduce the cost burden on individual operators.

    He enjoined its members to check the website of the Council for their names to know when it will be their turn to attend the training.

    Commissioner for Insurance, Mr. Fola Daniel, represented by an Assistant Director of the National Insurance Commission, Mr. Egwu Kenneth, commended NCRIB for being the first insurance group in the country to take the initiative of shared services scheme under which its members are being trained for the IFRS.

    Similarly, the Lead Consultant of Netherwood Consulting, Mr. Adeyemi Adetunji said the new tempo of global accounting standards required that all business operators make their accounting and financial reporting transparent. He said it is imperative for insurance professionals to imbibe the new reporting format, considering the nature of insurance as  a global business.

  • Practitioners lament exclusion from National Conference

    Practitioners lament exclusion from National Conference

    The exclusion of insurance practitioners from the National Conference is an error, a former member of the House of Representatives and Managing Director, Leverage Insurance Brokers Limited, Lanre Laoshe has said.

    He told The Nation that the inclusion of members of the Nigerian Union of Road Transport Workers (NURTW) and the exclusion of his colleagues was an aberration.

    According to him, insurance is Item 33 in the Second Schedule Part 1 in the exclusive legislative list of the 1999 constitution and has been in previous constitutions.

    He added that Item 49 of that list says National Assembly will designate professionals and if it has passed two legislations, which is the 1993 and 2003 Insurance Act and is adopted by the Chartered Institute of Insurance of Nigeria (CIIN) and the Nigerian Council of Registered Insurance Brokers (NCRIB), it means the Legislature designates these bodies as professionals.

    He said: “The Nigeria Labour Congress has 12 members and the Institute of Chartered Accountants of Nigeria (ICAN) and Association of National Accountants of Nigeria (ANAN) have two members. Yet, insurance professionals are excluded. This is an indication that the government does not understand the role insurance play in the modern economy. It is even more disheartening that the NURTW members are more recoginsed than professionals like us.

    “I don’t understand what has happened and I think it’s a tragic error and I believe the government must begin to recognise us as a major economic group. Insurance practitioners are conservative and quiet because of the nature of the business which includes risks. We don’t like to talk too much because the security and assets of people are with us. But our silence should not be misconstrued,” he said.

    Similarly, the Chairman, Nigeria Insurers Association (NIA,) Mr. Remi Olowude, who also decried the exclusion of his colleagues from the conference, regretted that the industry is relegated in national discourse.

    He said there are daunting challenges that have continued to stifle growth in the sector, noting that the obstacles have been responsible for its abysmal contribution to the nation’s Gross Domestic Product.

    He said: “The challenges, perhaps, explain why the industry is not deemed worthy of representation at the upcoming National Conference. The situation is regrettable, to say the least, and must not be allowed to happen.

    “We believe that with the support of the new Board Members of the National Insurance Commission (NAICOM), chaired by Hon Prince Chibudom Nwuche and its management and the concerted efforts of all operators, the industry would experience a reversal of this glaring omission.

    “To make this happen, it is imperative that we dust up the laws governing insurance business, many of which have become obsolete and completely out of tune with the prevailing circumstances.’’

    He added: “It is against this background that we want to appeal to NAICOM to always take cognisance of this fact in the course of its regulatory duties, so that the industry is not made to bear the brunt of inappropriate legislations.”

     

  • Boko Haram menace plunges insurance in northeast

    The violence launched by Islamist sect, Boko Haram, in the Northeast Zone has made insurance more challenging, the Chairman, Northern Area Committee, Nigerian Council of Registered Insurance Brokers (NCRIB), Mr. Gbenga Ogunsanya, has said.

    Ogunsanya, who is also the Managing Director of Charlie Life Insurance brokers Limited, Kaduna, spoke with The Nation in Lagos.

    He, however, said brokers in the north were hopeful with the Takaful and microinsurance that has takenoff in the country.

    According to him, the northerners accept takaful insurance because it is Islamic.

    He said while Kaduna is peaceful, the problem they encounter is mainly in Adamawa and Borno.

    He said: “Investors are also very skeptical when it comes to investment in the north. Business has been quite challenging in the north. Notwithstanding we are doing fairly and are optimistic that things will get better soon.

    “Part of our projects as a committee, is to increase insurance awareness which has been very low in the north. By so doing, we will focus more on enlightening people at the grassroots about the importance and benefits of insurance. We are hoping to do a lot of seminars, public lectures.’’

    He noted that his colleagues would also sensitise the people on how to deal with claims.

    “We have a secretariat in Kaduna area where people can reach us and lodge complaints or issues of malpractices against any of our member or member of a company while we forward the matter to relevant authorities.

    “People need to have value for their money if at all we want them to believe in insurance and this has to be by insurance companies paying claims as at when due,” he said.

  • NCRIB urges traders, govt to embrace insurance

    • Condoles Iponri market fire victims

    The recurrence of market fires should make the government and individuals to embrace insurance, the President of the Nigerian Council of Registered Insurance Brokers (NCRIB), Mr Ayodapo Shoderu has said.

    He spoke at the weekend in Lagos while condoling with victims of the recent fire at the Iponri Shopping Complex in Lagos.

    He regretted the loss, noting that it had robbed the victims of their means of livelihood.

    He advised the government to put in place adequate covers for markets, adding that such steps would relieve the government of avoidable compensation to victims.

    He said the utilisation of services of brokers would allow clients maximise their insurance through professional advice to clients from premium payment to loss compensation.