|
Getting your Trinity Audio player ready...
|
The outgoing president of the Nigerian Council of Registered Insurance Brokers (NCRIB), Babatunde Oguntade said the brokerage fraternity has been positioned to take advantage of provisions in the Nigerian Insurance Industry Reform Act (NIIRA) 2025 to expand the market and deepen penetration of the sector.
Oguntade made the remark during a media parley held in Lagos, where he gave account of his two years in office, as well as the unveiling of Ekeoma Ezeibe as the third female president in the Council’s 54 years of existence.
Read also: Insurance seen closing finance gap as climate risks threaten food supply
“I am honored to stand before you today to share some of the remarkable achievements we’ve made over the last two years. As the President, I have had the privilege of leading this esteemed Council, and I am proud to report that we have made significant strides”
Oguntade said over the past two years, his administration worked closely with regulatory bodies, especially, The Mational Insurance Commission (NAICOM), to enhance industry standards, ensuring compliance and professionalism.
This collaboration has led to improved oversight, better risk management, and increased confidence in our industry, Oguntade said.
He said NIIRA 2025 was the most important thing in the Nigerian Insurance Industry as of today.
He said the Council worked assiduously with other sisters bodies to ensure that we got this. I am super excited about the roles played by my predecessors and more excited that the law came on stream during our tenure.
” It is my hope that the industry would unite again to see to it that the salient potentials that the law is throwing up are annexed fully.
Oguntade said hia administration invested heavily in training programs and workshops to enhance the skills and knowledge of members.
“This has enabled them to stay up-to-date with industry trends, best practices, and regulatory requirements”.
On membership engagement, he said his tenure strengthened, providing support, resources, and services that meet members needs.
Today, the NCRIB has become the nest for so many astute insurance professionals who had once been on the divide of underwriting arm. They are here adding significant value to the importance of Brokers in the insurance value chain.”
“This is made possible because of the enanbling environment we’ve created for them to come and join us as members, Oguntade said. Other achievemets his listed include visibility project.
Read also: NCRIB sees effective implementation of NIIRA 2025 driving sector growth
“We have seen significant growth in our crave for public space. It is not a gainsay to describe NCRIB as a leading light in the Nigerian Insurance Industry as far as publicity is concerned. We have seen the need to be proactive on some occasions when situation warranted for the good and acceptable brand of our Council.
He noted, “our target is to see increased insurance penetration, and expanded product offerings.”
Other achievements are partnerships with key stakeholders, including regulators, industry associations, and international organizations; sustenance of membership seal usage.
