By Sola Alabadan
The Nigerian Council of Registered Insurance Brokers (NCRIB) has advised the Federal Government to ensure that the various laudable infrastructure projects being executed in Nigeria are adequately insured.
The President of NCRIB, Babatunde Oguntade gave this charge while addressing journalists on Thursday in Lagos.
He said “Insurance is a critical component of any infrastructural development/projects, as it provides financial protection against unforeseen risks and losses.”
While commending the government for its commitment to investing in critical sectors such as transportation, energy and housing, he said initiatives such as the National Integrated Infrastructure Master Plan (NIIMP) and the Economic Recovery and Growth Plan (ERGP) demonstrate the government’s dedication to bridging the infrastructure gap in Nigeria.
He also stated that the huge expenditure of government on building several highways, railways in this year’s budget are well noted, pointing out that insurance can play a vital role in mitigating the attached risks and promoting economic growth.
In spite of the critical role that insurance plays in mitigating risks and promoting economic growth in our nation,he lamented that many Nigerians are still not aware of the benefits of insurance,
To ensure that the insurance industry occupy its rightful position in the country, he said that the NCRIB has been working tirelessly to promote the development of the Industry, and have engaged policymakers, regulators, and other stakeholders to create an enabling environment for insurance to thrive.
He also commended the National Insurance Commission (NAICOM) for its efforts in promoting the growth of the insurance industry.
As the police have promised to commence a clampdown of vehicles without insurance on Nigerian roads from February 1, 2025, Oguntade said this is highly commendable because the efforts would not only increase the industry’s revenue, but would 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 added.
The NCRIB boss further lamented that the insurance penetration rate in Nigeria remains abysmally low compared to its teeming population of over 200 million people, noting that this is a challenge that must be collectively addressed.
Speaking on the much expected new Insurance Law, he said that the NCRIB is expecting a favourable law at the end of time, after having actively engaged with policymakers, industry stakeholders, and other relevant parties to advocate for the passage of this critical legislation.
He stressed that “The Insurance Law will promote a more conducive business environment for our members and the industry at large, and we are committed to seeing it to fruition. We all hope that at the end, everything will turn out in the favour of the entire insurance industry”.
Oguntade also dislosed that the Council of NCRIB has made strategic visitation to people of influence, engaged with key stakeholders, including government officials, industry leaders, and other relevant parties, to foster relationships, promote its members’ interests, and advocate for the growth of the insurance sector. These visits, according to him, have enabled the NCRIB to build bridges, address challenges, and explore opportunities for collaboration.
“Furtherance to our efforts on working together with other organisations to achieve common goals, in the context of the insurance and housing sectors, our Council’s collaborations with housing developers and government agencies to create affordable insurance products received considerable boost,” he added.
