Amaka Obiefuna

The Nigerian Council of Registered Insurance Brokers (NCRIB) has urged the Inspector General of Police (IGP), Kayode Egbetokun, to ensure a zero tolerance to vehicles plying the Nigerian roads without insurance cover.

The President and Chairman, Governing Board, of the Council, Prince Babatunde Oguntade, made this appeal while briefing the press on the 2024 scorecard of the NCRIB on Thursday.

He recalled that the Commissioner for Insurance, Mr. Segun Omosehin, made an official visit to the IGP where the later made a promise to commence a clampdown of vehicles without insurance on Nigerian roads from February 1, 2025.

He said: “This is highly commendable because the efforts would not only increase the Industry’s revenue, but also create more awareness on the importance of Insurance and thereby create economic security and growth.

“We urge the IGP to make good his promise and ensure a zero tolerance to vehicles plying the Nigerian roads without insurance cover.”

He also commended the National Insurance Commission (NAICOM) for its efforts in promoting the growth of the insurance industry, stating that the Council has engaged policymakers, regulators, and other stakeholders to create an enabling environment for insurance to thrive.

Continuing, Oguntade noted the huge expenditure of government on building several highways and railways in this year’s budget but pointed out that insurance can play a vital role in mitigating the attached risks and promoting economic growth.

“In executing these laudable projects, we must emphasise the importance of ensuring that these projects are adequately insured.

“Insurance is a critical component of any infrastructural development/projects, as it provides financial protection against unforeseen risks and losses,” he explained.

The insurance chief reiterated that the Bill for  Insurance Law has received a considerable recognition by the two arms of the National Assembly, saying that the Law will promote a more conducive business environment for NCRIB members and the industry at large.

“And we are committed to seeing it to fruition,” he assured.

Speaking further on the NCRIB efforts at promoting insurance in Nigeria, he disclosed that the Council has engaged with key stakeholders, including government officials, industry leaders, and other relevant parties, to foster relationships, promote members interests, and advocate for the growth of the insurance sector.

“These visits have enabled us to build bridges, address challenges, and explore opportunities for collaboration.

“Our strategic visitations were expected to increase influence and credibility for the Nigerian Insurance Industry, especially, the brokers; enhance business opportunities and growth; improve understanding and trust among stakeholders and stronger relationships and partnership.

“By strategically visiting influential people, the Council can effectively represent the interest of the entire industry,” he explained.

Furtherance to the Council’s efforts on working together with other organisations to achieve common goals, in the context of the insurance and housing sectors, Oguntade announced that the Council’s collaborations with housing developers and government agencies to create affordable insurance products received considerable boost.

According to him, the Council participated in the 18th Africa International Housing Fair 2024, held in Abuja as well as the sixth and seventh NISH affordable housing seminar.

He further announced that the Council on August 1st, 2024, recorded a landmark achievement towards the construction of a magnificent annex building of the Council by laying of the foundation of a five floor building, christened Olola Olabode Ogunlana House, (NCRIB Annex).

“The new building project, which according to him is progressing steadily would serve as additional beacon of excellence for our Council.

“The new building will feature additional parking facilities and modern office spaces that will be available for commercial purpose.

“We are confident that the building will enhance our operations as it will serve as additional income generation for our Council, and eventually, reduce dependence of Council’s activities on Members’ subscription,” he explained.

Oguntade reminisced on the critical role that insurance plays in mitigating risks and promoting economic growth but regretted that Nigerians remain unaware of the benefits of insurance.

“It is worthy of note that since my emergence as the 22nd President and Chairman Governing Board of the Council, we have made conscious efforts to enhance the image of the Industry leveraging our Thrust of Office “Breaking New Grounds, Sustaining Legacies.”

However, he said despite these efforts, there is still much work to be done which requires a collective effort.

He therefore, appealed to all and sundry, especially the media to rise to the occasion by beaming a searchlight on insurance awareness.

“The insurance penetration rate in Nigeria remains abysmally low compared to its teeming population of over 200 million people.

“This is a challenge that we must collectively address. As journalists, you have a critical role to play in promoting insurance awareness and education.

“We urge you to continue to shine the light on the importance of insurance and the benefits it provides to individuals, businesses, and the nation as a whole,” he concluded.