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Chuks Udo Okonta
The President Nigerian Council of Registered Insurance Brokers (NCRIB) Prince Babatunde Oguntade, has called for national recognition of the insurance sector, as no nation can develops unless it appreciates insurance as the bedrock of the economy,
He stated this at the 2024 National Insurance Brokers Conference and Exhibition in Abuja, stressing that insurance industry serves as major source of investible funds in other national economies.
According to him, the event was organised to help share knowledge, explore innovative solutions and forge strategic partnerships that would propel the industry forward.
“The choice of this venue and the choice of the themes and speakers were intentional. Our industry can no longer remain the shadow of itself.
“This conference offers a unique platform for us to engage with thought leaders, experts, and peers, sharing insights on the latest trends, challenges, and opportunities in the insurance sector,” he posited.
He submitted that someone needs to be intentional in taking the industry out of the blighted imagery, noting that the industry has been undervalued for too long, especially, as it concerns its relevance to national development. “No nation develops beyond its level of insurance appreciation, as the bedrock of its economy. The insurance industry is the major source of investible funds in other national economies and in fact, owns banks, but this is not the case in Nigeria as the industry is at the backwaters of the various economic considerations of government,” he remarked.
He specifically appreciated the various initiatives of the present administration in rejigging the insurance industry, especially through a more favourable legislation.
“It is hoped that when the Insurance Bill before the National Assembly is passed and assented to by the President, the situation will change.
“I would like to acknowledge the tireless efforts of our members, whose dedication and professionalism have been instrumental in shaping the insurance landscape in Nigeria,” he said.
He applauded the role of brokers in the insurance value chain, stating that their commitments to excellence and customer satisfaction is the bedrock of the industry’s growth.
He encouraged them never to relent, but to further uphold the tenet of the profession.
“This is an auspicious avenue for me to note that Insurance brokers play vital roles in the nation’s economic development, serving as risk managers, financial intermediaries, and economic advisors.
“We facilitate economic growth by enhancing financial inclusion and deepening insurance penetration through our extensive network of professional operation.
“Our principal roles include but not limited to mitigating risks and protecting businesses, individuals, and government assets by supporting infrastructure development through innovative risk transfer solutions,” Oguntade submitted.
He said brokers foster entrepreneurship and SME growth through tailored insurance products and contribute to national economic stability and resilience.
The NCRIB President noted that
he theme of this year’s conference, “Insurance: The Untapped Goldmine’ reflects the focus on navigating the complexities of the industry, embracing technology, and capitalizing on emerging opportunities.
“We will explore topics such as Renewed Hope in Food Security, the Insurance perspective, a glance at the transformation agenda of the present government, as well as Insurance and Blue Economy, connecting the knots,” he posited.
He said brokers are conscious of the government’s efforts to take the nation to her Eldorado, noting that the role and importance of insurance cannot be undermined in this process.
He implored Government to see Insurance Industry as valuable partner in the journey to national progress.
“As we navigate the challenges and opportunities of our nation, our industry remains committed to its core values of integrity, professionalism and service. We will continue to advocate for policies and regulations that promote a level playing field, enhance consumer protection, and foster sustainable growth,” he posited.
