NCRIB charges members on viability of underwriting firm in doing business

President/Chairman Governing Board, Nigeria Council of Registered Insurers Brokers, NCRIB, Dr. Bola Onigbogi.

 

The President/Chairman Governing Board, Nigeria Council of Registered Insurers Brokers, NCRIB, Dr. Bola Onigbogi, has advised members to always critically examine the viability of any underwriting firm before placing business with them.

The President’s advice came at the backdrop of the expulsion of some underwriters who failed to meet their obligations to policy holders.

The affected organisations expelled by the Nigeria Insurers Association (NIA) included Industrial and General Insurance Co. Limited; Niger Insurance Plc and Standard Alliance Insurance Plc.

Onigbogi, who regretted their expulsion, made this known during her speech which she delivered recently at the July 2021 edition of NCRIB Members’ Evening in Lagos hosted by new entrants into the insurance industry, Heirs Insurance Plc and Heirs Life Assurance.

The NCRIB President remarked, “It was quite unfortunate that recently, the Nigerian Insurers Association (NIA) published in a half page advert the expulsion of three insurance companies, namely, Industrial and General Insurance Co. Limited; Niger Insurance Plc and Standard Alliance Insurance Plc.

“According to the NIA, the affected companies failed to meet their obligations to policyholders. It was so disheartening that the affected companies were once giants of the industry, contributing immensely to the growth of Nigeria’s insurance industry.”

She lamented the grave implication such expulsion would have on members who have one business or the other with the companies.

She added, “As a proactive Council, we like to urge members to always critically examine the viability of any underwriting firm before placing business with them. This is because, in recent times, there are allegations involving nonpayment of claims as low as one thousand USD since 2019.

“It distressing that in order to save the face of the industry, some Brokers have had to pay their clients.

Our Investigation Committee is inundated with complaints of nonpayment of claims. In order to forestall further experiences, I like to appeal to Brokers to do their proper investigations.”

She told the participants at the well-attended members’ evening it was about time the council assumed one of its statutory responsibilities of publishing the names of all eligible members of the Nigerian Council of Registered Insurance Brokers in national dailies.

In her words: “I like to inform you that it is about the time for the Council to carry out this statutory obligation. Leveraging our past experiences, Brokers that failed to meet up with the requirements for the publication, often face lots of challenges in business due to the attendant negative image that non-inclusion attracts.

“I therefore urge you to regularize your membership status with the Secretariat, and pay your subscription to merit the list. Delay may be dangerous!”

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