Nigeria’s Economic Growth hinges on Insurance Development -Okunoren


“Strategies for reviving Nigeria’s economy would achieve desired result if greater premium is placed on the insurance industry’s growth by government.”

This assertion was made by the President of the Nigerian Council of Registered Insurance Brokers (NCRIB), Kayode Okunoren at the Council’s Secretariat in Lagos.

According to him, aside from providing investible funds, insurance is one of the financial management strategies that must be factored into genuine economic revival development initiatives of government.
Okunoren applauded the various economic revival initiatives of the present administration and lamented that inadequate attention had been paid to insurance which had proven to be the linchpin of economic growth in advance climes.

The President who reiterated the Council’s desire to partner government in building formidable economy through the instrumentality of insurance, stressed that NCRIB would be creative and proactive in maximising the seemingly gloomy economic situation to the advantage of Insurance Brokers.

He said, “As you are aware, this is a challenging time for the insurance industry in Nigeria, in view of the recession being witnessed in the economy, which is taking its toll on insurance like any other sectors of the economy”.

Okunoren shared optimism that the government under the leadership of President Mohammed Buhari would reverse the ugly situation, through the enthronement of probity and accountability in governance.

He further reiterated the commitment of the Council to ensure that all necessary strategic engagements are done to further enhance the growth of insurance in Nigeria, as well as increase the relevance of Insurance Brokers.

In line with this decision, the President disclosed that the 2016 annual Management Retreat of the Council holding Lagos would focus on “Dissecting 2016 Budget and the Economy, Opportunities for Brokers.”

A seasoned economist as well as the Director General of Lagos Chamber of Commerce and Industry, Muda Yusuf, had been invited to analyse the implication of the 2016 budget on economy..
On the delisted Brokers by the regulatory body, National Insurance Commission (NAICOM), Okunoren expressed optimism that the Council’s efforts would yield positive result as he noted that NCRIB has continued to engage the Commission on issue.

According to him, out of the 108 Brokers delisted, only 21 of them are registered members of the Council.

He said, “Suffice it to say that the NCRIB is not happy that any Operator in the market will continue to flout regulatory requirements as enshrined in the law. However, the Council on my assumption of office, made a representation to NAICOM on this and sundry issues for which, as usual, we got assurance of support from the Commission.

“Whilst we are still looking at opportunity to assist those with minor infractions by interceding for them in NAICOM, we have equally made this clear to our members that the regulatory environment of today requires more discipline than hitherto and that compliance issues must no longer be treated with levity.

“On the other hand, we are appealing to NAICOM to always ensure sustenance of effective communication channels with the NCRIB in such a way that our members are notified in good times on any aspect of compliance in which they are on the path of erring and this could even be done through the Council in the spirit of the existing cordial relationship”.


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