*Brokers brace up for inherent opportunities
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Under the African Continental Free Trade Area (AfCFTA) every nation domestic regulations will prevail, but there would be mutual recognitions between countries, the Director Trade in Service, Investment, IPR and Digital Trade AfCFTA Secretariat, has said.
She disclosed this while responding to questions at the Enlightenment Workshop for the Insurance Brokers, organised by the Nigerian Insurance Industry Committee on AfCFTA (NII-AfCFTA) yesterday in Lagos.
According to her, the agreement would not stall members countries from having their regulations, but would help strengthen regulations to align with international best practices.
She urged insurance brokers in Nigeria to position themselves for the enormous benefits to be provided by the agreement.
The Chairperson of Nigerian Insurance Industry Committee on AfCFTA Mrs. Ekeoma Ezeibe, her her welcome address, submitted that the World Trade Organisation (WTO) Protocol signed in 1995 may have already opened up some parts of the insurance sector in Nigeria 100 per cent, adding that what this means is that operators may not negotiate their way out of the situation even if an interest state party wishing to come into Nigeria to carry out some aspect of insurance business had not opened up their side as wide as theirs.
She noted that the law of reciprocity may not avail insurance practitioners an opportunity for cover.
The commissioner for insurance, Olusegun Omosehin, said AfCFTA presents a significant opportunity for the Nigerian insurance industry to expand its footprint across the continent.
He however, said it also poses challenges, such as increased competition, regulatory complexities, and the need for greater professionalism.
The commissioner who was represented by the Deputy Commissioner Technical Dr. Usman Jankara, said insurance brokers expertise and professionalism are essential in facilitating the growth in the insurance industry.
He listed capacity building, professionalism, digital transformation, regional market understanding and collaboration and partnerships, as some of the key areas that must be improved upon by Insurance brokers for the takeoff of AfCFTA
He assured them that the commission is determined to ensure that Nigerian
brokers are not disadvantaged in the AfCFTA regime, he however emphasized that brokers must seize the gauntlet and improve their value proposition, professionalism and service delivery to remain very relevant.
“The Commission will provide the necessary support and guidance, but it ultimately up to you, the brokers, to take the necessary steps to remain competitive and relevant.
“This is one of the reasons the Commission has heightened its ongoing supervision and regulation of insurance brokers, including the latest requirement for development of Manuals, Code of Ethics and Standard Operating Manuals,” he posited.
President of Nigerian Council of Registered Insurance Brokers (NCRIB) Babatunde Oguntade, urged insurance brokers to prepare for the opportunities to be created by AfCFTA, by upscaling their skills and embracing collaborations.
