Insurance

Brokers implore government to secure railroad system with insurance

From left: Vice President, Nigerian Council of Registered Insurance Brokers, Mr. Tunde Oguntade; Executive Director, African Alliance Insurance, Mrs. Olabisi Adekola; Deputy President, Nigerian Council of Registered Insurance Brokers, Mr. Rotimi Edu, mni; President, Dr (Mrs) Bola Onigbogi; Managing Director, African Alliance Insurance, Mrs. Funmi Omo; Head, Administration, African Alliance. Mrs Alice Uwodi and Executive Secretary, NCRIB, Mr Fatai Adegbenro at the December 2019 Edition of NCRIB Members Evening in Lagos.

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Chuks Udo Okonta

Brokers under the umbrella of Nigerian Council of Registered Insurance Brokers (NCRIB) have called on the Federal Government to ensure the huge investment in railroad sector is safeguarded by embracing insurance.

The President of the NCRIB, Dr. (Mrs.) Bola Onigbogi, made the call at the December 2019 Edition of NCRIB Members Evening hosted by African Alliance Plc yesterday in Lagos, even as she commended the government for the enhancement of public transportation in Nigeria through the strengthening of the nation’s railroad system.

“As a critical stakeholder in the economy, I like to also use this medium to first commend the Federal Government for the enhancement of public transportation in Nigeria through the strengthening of the nation’s railway system.

“Aside from aiding commerce and reducing road accidents, the railway system will also create more jobs for Nigerians. However, the government is hereby implored to ensure that the huge investment in that sector is safeguarded through embrace of insurance. This, to us, is one of the prudent ways to protect this great national assetand guarantee that it endures,” she said.

She also applauded the government over the closure of the country’s borders with her neighbouring countries, stressing that to all intents, the move was quite salutary as it would protect local production of goods and services. She however, advised the government to use the opportunity of the closure to encourage the acceleration of local capabilities so that its strides towards self-sufficiency would be guaranteed.

“It is a fact that no country could wholly depend on foreign countries for survival, but this must come with utmost sincerity on the part of the government,” she added.

She also used the occasion to debunked the allegation credited to the Corps Marshall of the Federal Road Safety Corps, Boboye Oyeyemi, who was said to had accused brokers of taking advantage of the ignorance of travelers to deny them of compensations in the event of mishaps.

The NCRIB boss posited that the body views the comment as a clear exhibition of ignorance and poor perception of the FRSC about who a broker is and what his roles are in the insurance value chain.

“Marshall of the Federal Road Safety Corps, Mr Boboye Oyeyemi. While addressing motorists and stakeholders at the joint stakeholders’ forum of Federal Competition and Consumer Protection Commission in Abuja recently, it was credited to the Corps Marshall that he accused Insurance Brokers “of taking advantage of the ignorance of travelers to deny them of compensations in the event of mishaps.”

“The Council views this comment as a clear exhibition of the ignorance and poor perception of the FRSC about who a Broker is and what his roles are in the insurance value chain. Insurance Brokers do not pay compensation to clients, and in this case, motorists.

“This type of misinformation has simply underscored the depth of ignorance even in high quarters about who we are and we have to quickly commence our engagements with these critical segments of our society, including the FRSC under my tenure as President,” she stated.

She also thanked the management of African Alliance Insurance Plc for electing to host the event.

Omo

The Managing Director/CEO, African Alliance Plc, Funmi Omo, used the event to informed brokers of the giant strides the firm had made in less than two years, whilst restating the management’s commitment to sustaining the upward growth trajectory across all metrics.

“Ours is a business that has seen it all and survived it all. Our position in just two years compared to now is testament to the unstinting leadership and guidance of our Board, the relentless drive of the executive management and a most committed and flexible staff who never shies away from challenges in any form,” Omo said.

According to her, the firm’s premium income grew by 68 per cent from N3.00 billion at the end of third quarter 2018 to N5.12 billion at the end of third quarter 2019; while by the end of the third quarter also the firm paid claims of about N6 billion to keep up with its promises of maintaining customer amazement.

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