Brokers call for ethical practice to sustain sector’s attractiveness
To sustain the insurance industry’s growing attractiveness to top global foreign insurers that are gradually making inroads into Africa’s largest populated economy, broker group has called for continued professionalism and best global practice on the side of operators.
They believe that this influx of this top global insurers with did pockets is a positive trend that will enable the industry become more robust, competitive and impact more positively on the local economy.
Emmanuel Okunoren, president of the Nigerian Council of Registered Insurance Brokers there are strong indications that the Nigerian insurance industry is becoming more and more attractive to international investors who are making silent but impressive in roads into the market.
He said that though this is quite cheering, it nevertheless behoves operators to be professional and continually play according to global best practices which would be benchmarked by the new investors.
“Together, we can build a virile and formidable insurance sector against all odds, where all stakeholders, which include you and I can be proud of”
Speaking on the economic situation in the country and impact on business said 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. It is a known fact that insurance is often made the least of consideration and as such suffers greatly at a time of economic recession like this.”
Okunoren stated that this trend must definitely change with sustained tempo of awareness creation and adherence to ethics and professionalism on the part of us the operators.
He noted that why the NCRIB is making efforts to increase insurance visibility across nook and crannies of the country, it behoves the insurance industry the responsibility to sustain its campaign for insurance awareness in the country.
While commending the efforts of the National Insurance Commission and the Nigerian Insurers Association in reenergizing the campaign towards enforcement of compulsory insurances in Nigeria as enshrined in Section 64 and 65 of the Insurance Act., needless to say that this effort will enhance the industry’s contributions to the nation’s Gross Domestic Product, as well as reduce exposures to risks by members of the public who ingress and egress in those public facilities.
“Also, the consideration being given to the Nigerian Fire Service in the scheme of things will assist the institution in undertaking its statutory responsibilities or primary roles of fire prevention without recourse to government as it is the practice at the moment. This is the practice in most advanced countries of the world and it is my hope that the synergy would be sustained”
The NCRIB President also commended the Central Bank of Nigeria (CBN) over the recent appreciation of the Naira.
‘It is heartwarming that in the last few weeks, the Naira has been appreciating against other foreign currencies, bringing a little succour to Nigerians. To all intents, the efforts of government through the CBN in this regard are quite commendable. As a consuming nation, we all know the agonies which the weakening Nigeria posed to daily living and survival of Nigerians.’
He cautioned however, that the firming up of the Naira should be more systemic to sustain the trend, while urging the government to be unrelenting in promoting the production of local products that could be exported to earn foreign exchange in the international market.
‘Our diversification initiatives must be followed through while there should be a renewed campaign in re-orientating the minds of the citizens away from over dependence on foreign goods and services. Definitely, there is no nation that can ever develop depending wholly on foreign products.’