Insurance Brokers Contribute 60% of Insurance Premium, Says NIA

Ebere Nwoji

The Nigerian Insurers Association (NIA), has disclosed that insurance brokers contributed no less than 60 per cent of insurance business in Nigeria in 2021.

The association said this has confirmed the claim that insurance market in Nigeria was broker dominated.

The Director General of NIA, Mrs. Yetunde Ilori, stated that out of the 60 per cent, 80 per cent of it was for Non-Life Insurance business while 40 per cent was contributed for Life.

Ilori who spoke at the Management Retreat of the Lagos Area Committee of the Nigerian Council of Registered Insurance Brokers (NCRIB) in Lagos, noted that brokers in the Lagos Market contributed 60 per cent of the business volume, underscoring the strategic importance of the brokers located in the axis.

“Though it is affirmed that these businesses come from Lagos, the NIA would soon go granular to determine whether the brokers that brought in the businesses were domiciled in Lagos or just have their branch offices there, “Ilori stated.

Speaking on the theme, “Leading for Change,“ the CEO of Dapsaderk Consulting Ltd, Mrs. Adekunle Aderemi, told the delegates to imbibe transformational leadership in order to change the narrative of the insurance industry in the country.

She noted that change management was a desirable skill for all managers and leaders of business in the world in order to cope with the changing dynamics of work and professions, adding that the insurance industry required more dynamism on the part of leadership to meet the changing expectations of the populace in risk management and insurance.

The Executive Secretary of the Nigerian Council of Registered Insurance Brokers (NCRIB), Mr. Tope Adaramola, who spoke on “Effective Relationship Management”, noted that since all professions and businesses were people based, professionals must deliberately school themselves in the art of people- management, as a way to excel in the changing world.