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Chuks Udo Okonta
The Nigerian Council of Registered Insurance Brokers (NCRIB) said it has written the Professional Reinsurers Association of Nigeria (PRAN); Nigerian Insurers Association (NIA) and National Insurance Commission (NAICOM) on the need to immediately suspend the recently released 2021 Fire Insurance Underwriting and Pricing Manual.
The President of NCRIB, Bar. Rotimi Edu, said this today at the December 2021 edition of Members’ Evening organised by the brokers fraternity and hosted by Enterprise Life Assurance Nigeria Limited in Lagos.
He noted that the Council considered the manual unacceptable to its members and the insured public in view of the fact that members of the Council were not carried along in determining the new pricing.
“You would recall that sometimes last month, the Professional Reinsurers Association of Nigeria (PRAN) released 2021 Fire Insurance Underwriting and Pricing Manual that the Council considered unacceptable to its Members and the insured public in view of the fact that Members of the Council were not carried along in determining the new pricing.
“In swift response to this, we directed that the Joint Technical and Legal Committee expeditiously meet to review and make recommendations to the Council.
“The Committee had met to critically appraised the PRAN, NIA and NAICOM on the need to immediately suspend the guidelines, as well as its implications on Insurance Broking.
“Among other things, it is being resolved that Members should put their Clients on notice about the newly released rates to be introduced by NIA/PRAN and their after-effect on the insurance market.
“The Council has written the PRAN, NIA and NAICOM on the need to immediately suspend the released Manual for a minimum of nine (9) months pending further discussions and engagement by our Council,” he submitted.
He noted that NCRIB of his administration’s dream is a collective responsibility of both old and young insurance professionals, adding that all hands must be on deck to ensure that his tenure emerged and grow members and professionals who would grow to become brands that purchasers of insurance services defer to, with evidence of NCRIB membership as a prerequisite, thereby commanding consumer loyalty.
“I have an assurance that this is possible through the support of all members. With cohesion of the present team and the support of all members, we are assured this is attainable,” he said.
Managing Director/CEO, Enterprise Life Assurance Nigeria Limited, Mrs. Funmi Omo, said Enterprise Life Nigeria is resolute in delivering value by heightening insurance awareness, optimizing digitization to improve access and leveraging low-cost digital distribution channels for sales and service to deepen market penetration.
“Our mantra, Different & Better is premised on our mandate to make a significant difference in the insurance industry and serve our customers.
“At Enterprise Life, we keep the customer at the front and center of our business,” she said.
She submitted that the firm is intentional about implementing a new model that prioritizes a needs-based approach to insurance which ensures that its solutions are affordable and truly fit-for-purpose, stressing that the company’s core values are Friendliness, Reliability, Excellence, Professionalism and Trust.
Our tailored-made services and innovative life assurance products are designed to ensure that Nigerians benefit from having insurance coverage to cater for their loved ones and their future, she posited.