•Partners Sovereign Trust to accelerate industry development
By Henry Uche
The Nigerian Council of Registered Insurance Brokers (NCRIB) has engaged some critical Ministries, Departments and Agencies of federal government and other strategic persons and groups for the propagation of insurance acceptance and penetration as a critical instrument for risk mitigation and economic security and growth.
NCRIB’s President/Chairman Governing Board, Babatunde Oguntade, whose thrust of Office is, “Breaking New Grounds, Sustaining Legacies” said since he took over the mantle of leadership of the Council, he has not rested while pursuing the interest of the insurance industry as his member are indispensably responsible in spreading the gospel of insurance to Nigerians.
His vision, he vowed, must be achieved before he leaves office.
“I firmly believe that insurance plays a vital role in mitigating attached risks and promoting economic growth. In executing government laudable projects, we must emphasise the importance of ensuring that these projects are adequately insured.
“Insurance is a critical component of any infrastructural development/projects, as it provides financial protection against unforeseen risks and losses. Our council has been working tirelessly to promote the development of the insurance industry in Nigeria. We have engaged policymakers, regulators, and other stakeholders to create an enabling environment for insurance to thrive”
Speaking on the Insurance Bill 2024, Babatunde Oguntade, President and Chairman of the Governing Board of the Nigerian Council of Registered Insurance Brokers (NCRIB), expressed optimism about its transformative potential. He noted that if the bill receives assent from President Bola Tinubu, it would create a more enabling business environment, fostering growth and innovation for NCRIB members and the insurance industry as a whole.
“In this regard, I would commend the National Insurance Commission (NAICOM) under the leadership of Mr. Ayo Segun Omosehin, for its efforts in promoting the growth of the insurance industry”, he added.
The NCRIB President, who challenged journalists to collectively do everything within their power in promoting insurance awareness and education, applauded the Inspector General of Police, Dr. Kayode Egbetokun, who had promised to commence a clampdown of vehicles without insurance on Nigerian roads from February 1, 2025.
“This is highly commendable because the efforts would not only increase the Industry’s revenue, but also create more awareness on the importance of Insurance and thereby create economic security and growth.
He urged the IGP to make good his promise and ensure a zero tolerance to vehicles plying the Nigerian roads without insurance cover. “Despite these efforts, there is still much work to be done. The insurance penetration rate in Nigeria remains abysmally low compared to its teeming population of over 200 million people.
“We encourage the media to continue to shine the light on the importance of insurance and the benefits it provides to individuals, businesses, and the nation as a whole as we look forward to continuing to work with you to promote the development of the insurance industry in Nigeria” he added.
Meanwhile, in a related department, NCRIB and Sovereign Trust Insurance Plc renewed their strength and commitment to work in synergy in 2025 and beyond to drive insurance acceptability growth and penetration.
NCRIB and Sovereign Trust made this commitment when the Registered Insurance Brokers paid a courtesy visit to the underwriting firm’s headquarters in Lagos as it (Sovereign Trust Insurance) marks three unbroken decades in the Nigerian market.
He appreciated the Insurance Company for the supportive role played towards the Council over the years but particularly in 2024.
Oguntade commended the efforts of the Management of the Insurance firm for the steady growth that the company has experienced under the leadership of its Managing Director/CEO, Mr. Olaotan Soyinka.
He also extended his praises to the Visioners who envisioned the establishment of the underwriting firm 30 years ago and prayed that the company will continue to soar in the years ahead.
NCRIB helmsman called for the continued collaboration between the Council and Sovereign Trust Insurance as he drew the attention of the Underwriter on a certain project the Council had embarked upon which he urged Sovereign Trust Insurance Plc to be part of.
Responding, the MD/CEO of Sovereign Trust Insurance Plc, Olaotan Soyinka, thanked NCRIB President and his delegation for finding the company worthy of their visitation in the new year.
He equally appreciated members of the broking community in the country for the support and patronage that the company keeps enjoying over the last 30 years while also calling for more of such partnership, even from other stakeholders in the years ahead.