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Chuks Udo Okonta
The President of the Nigerian Council of Registered Insurance Brokers (NCRIB) Kayode Okunoren, has said force merger cannot be the panacea for insurance brokers to remain afloat.
Okunoren, who disclosed this at a press parley in Lagos, noted that it would be counter productive for strange fellows to merge. He stressed that as professionals, insurance brokers, know what is right and that some of them are already engaging on how they can keep their businesses afloat.
“I do not think you can force a merger, that is the bottom line. Let it happen naturally, people would migrate towards wherever they feel they would be comfortable. We do not want merge and then scatter. I do not think we should be pushing for merger. It should happen naturally. People are talking already,” he said.
On how to remain afloat amid recession, he urged brokers to be innovative, adding that the present challenge would soon be over.
He noted that the impact of the recession was much on the industry due to poor acceptance of insurance by the public and the low appreciation of its cardinal place in people’s order of priorities.
He posited that insurance is often made the least of consideration and as such suffers greatly at a time of economic recession.
He was optimistic that the trend would definitely change with the sustained tempo of awareness creation and adherence to ethics and professionalism on the part of operators.
“Generally, as you know, it is not the best of the moment for Nigeria economy, even though, recent reports have indicated that there is a ray of hope in the horizon. It is quite saddening that the insurance industry is one of the greatest recipients of the recessive economy in Nigeria, in view of its poor acceptance by the public and the low appreciation of its cardinal place in people’s order of priorities,” he said.
On the need to leverage insurance for economic good, he called on the government, especially the Presidential Committee on Ease of Doing Business, to engage the industry in the process, in view of its pivotal place in business development.
“I must not fail to appreciate the initiative of the Federal Government on its efforts in creating an enabling environment for business operations in Nigeria. The Presidential Committee on Ease of Doing Business has the onerous task of dismantling all inhibitions against business initiation and growth in the country,” he said.
