NCRIB Urges MDAs to Pay Premiums to Prop Insurance Sector Growth

Olawale Ajimotokan

The President Nigerian Council of Registered Insurance Brokers (NCRIB), Dr Mrs Bola Onigbogi has appealed to the federal government to encourage Ministries, Agencies and Departments (MDAs) to pay premiums in order to support the growth of the insurance sector.

She made the appeal in Abuja during the investiture/Gala night of the Abuja Area Committee of NCRIB for the 2021 elected Recently the federal government announced it had paid N9.2billon as premium for life policies for insurance companies that will manage the group life insurance for federal civil servants for 2021-2022.

However, in spite of that payment, the assumption remains that there is still lot of outstanding to be paid from the non-life sector.

“We appeal to the federal government to encourage Ministries, Agencies and Departments to pay premiums in order to support the growth of the sector,” Onigbogi said.

Her position was also reinforced by the Executive Director of Operations, Hallmark Micro Life Insurance Company, Mrs Mary Adeyanju. She described the federal government as the biggest debtor in the industry.

She said though the economy is not very buoyant presently, the practitioners are doing their best to give the economy a boost so that government can be able to pick up their bills especially from the insurance perspective.

“Obviously, if you are the greatest consumer of the product, naturally you will also the biggest debtor to that product. The federal government has supported insurance like every other country. The economy has not being doing so well and so the government has not been spending in the area of insurance“ Adeyanju said.

In spite of all, Onigbogi noted that the future of insurance brokage in the country is very bright as many people are now aware of the existence of insurance brokers and the benefits of the practitioners in the insurance value chain.

The NCRIB President described brokers as the intermediaries between the insurance companies and the insuring public that ensure the interest of the insured is protected.

She listed some of the challenges facing the insurance brokerage sector to include, ignorance on the part of the insuring public and noxious religious beliefs of the public.

“At times when you introduce insurance, people will say no, it won’t happen today. We are not saying it would happen, but we need to prepare by providing that straw that you can rest on in case of any eventuality. Insurance brings succour to the insured in times of calamity,” Onigbogi said.