The Nigerian Council of Registered Insurance Brokers has commenced discussions with the leadership of the Lagos Chamber of Commerce and Industry and Nigerian-German Business Association on the possibility of leveraging the membership of both institutions to deepen insurance penetration in Nigeria.

According to a statement obtained from the council, the proposed partnership will encourage members of the two trade bodies to have insurance cover especially for their businesses against any peril, and other forms of unforeseen events capable of threatening further existence of their trade.

The Executive Secretary, NCRIB, Mr. Fatai Adegbenro, who led the NCRIB delegation to the LCCI office in Lagos, stated that the council was poised to assist chamber members to remain in business through risk management.

Bearing in mind the challenging business environment where members of the chamber operate, Adegbenro noted that insurance remained the best instrument to mitigate any loss to business.

He stressed the need to patronise only registered insurance brokers under the aegis of the NCRIB.

The statement added that Adegbenro, who also led the council’s delegation on a courtesy visit to the NGBA, highlighted the benefits of engaging insurance brokers for insurance transaction.

He noted that finding the right level of insurance cover could be a time-consuming and expensive task for members of the association, hence, the need to engage insurance brokers.