Agents contribute 51% of insurance gross premium – ARIAN

From right: Director of Operations Nigerian Insurers Association Lanre Ojuola, representing his Director General, Mrs. Yetunde Ilori and National President Association of Registered Insurance Agents of Nigeria, Kazeem Odewunmi at the event.

* Agents to pay N5,000 as annual due from 2024

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Chuks Udo Okonta

Agents contribute 51 per cent of the insurance industry gross premium,
National President Association of Registered Insurance Agents of Nigeria (ARIAN) Kazeem Odewunmi, has said.

He said this today at the 2023 ARIAN managers’ conference, with the theme: ‘Navigating Regulatory Frameworks and Compliance Requirements to Ensure Sustainable Growth’ in Lagos, adding that most underwriting businesses undertaking by insurance brokers come from agents.

Odewunmi also posited that there are over 100,000 insurance agents in the country, adding that the industry needs more agents to effectively sell insurance.

He also expressed misgivings over the migration of agents to other markets, especially real estate and called on the management of insurance companies to institute motivating measures to retain agents in the insurance industry.

Cross section of Association of Registered Insurance Agents of Nigeria at the event

He was specific on institution of robust retirement plans for agents, stressing that it is disheartening to observe agents work in an insurance company for a decade without a retirement benefit plan.

Director-General Nigerian Insurers Association (NIA) Mrs. Yetunde Ilori, in a paper entitled: Navigating Regulatory Frameworks and Compliance Requirements Through Administrative Perspective, noted that stakeholders in the insurance value change should ensure full compliance with the rating guide as agreed upon by all practitioners to ensure all line of insurance business are underwritten profitably.

Mrs. Ilori who was presented by the Director of Operations NIA, Lanre Ojuola, charged agents to give priority to training and retraining, stressing that fresh agents should be encouraged with inceptive, while the older ones should be recognized for their contribution.

A member of panel of discussant and staffer of Custodian Life Assurance Limited Mrs. Funmi Saka, called on agent managers to ensure quality training is given to fresh agents and that the managers should exhibit the act of leadership by doing what they instruct their subjects to do.

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