Brokers pay claims to save insurance sector’s image

From left: Dr. Onigbogi presenting a gift to Vice President, Yemi Osinbajo at Aso Rock Abuja.

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Chuks Udo Okonta

To save the face of insurance sector, some brokers have had to pay their clients claims, the President, Nigerian Council of Registered Insurance Brokers (NCRIB), Dr. Mrs. Bola Onigbogi, has said.

She disclosed this yesterday at the Members’ Evening, organised by the NCRIB, noting that
in recent time, there are allegations involving nonpayment of claims as low as one thousand USD since 2019.

“It distressing that in order to save the face of the industry, some Brokers have had to pay their clients,” she said.

She submitted that the Investigation Committee of the Council is inundated with complains of nonpayment of claims, stressing that to forestall further experiences, she would appeal that brokers do their proper investigations.

The NCRIB boss pledged to stop at nothing to ensure that the Council becomes an indispensible entity in insurance value chain.

“We are not relenting on our oars; we will still forge ahead and ensure that no insurance policy will be placed without the input of an insurance broker.

“I am convinced beyond limit that until the public understand fully the roles of Insurance Brokers, the allegation of nonpayment of claims and other consequential image challenges in the industry would remain,” she said.

On expulsion of some insurance firm’s by the Nigerian Insurers Association (NIA), she posited that it was quite unfortunate that recently, the Nigerian Insurers Association published in a half page advert the expulsion of three insurance Companies, namely, Industrial and General Insurance Co. Limited; Niger Insurance Plc and Standard Alliance Insurance Plc.

“According to NIA, the affected companies failed to meet their obligations to policy holders. It was so disheartening that the affected companies were once giants of the industry, contributing immensely to the growth of Nigeria insurance industry.

“This issue became subject of discussion on our platforms, not only to x-ray the implication of such advert on the image of the industry but to as well consider the implication on members who have one business or the other with the companies,” she posited.

Dr. Onigbogi noted that as a proactive Council, the body urged members to always critically examine the viability of any underwriting firm before placing business with them.