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By Henry Uche
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Managing Director of Peerless Management & Solutions Limited and former Director at the National Insurance Commission (NAICOM), Agboola Pius, has highlighted the formidable barrier posed by the high costs associated with incorporating a broking firm in Nigeria. Speaking at the recent Nigerian Council of Registered Insurance Brokers Lagos Area Committee (NCRIB-LAC) 2024 mid-year workshop in Lagos, Agboola underscored how these costs constrain firms to operate solely in lucrative urban centers, leaving rural areas underserved. He advocated for incentivizing brokers to expand into rural areas, akin to strategies employed in more developed nations.
Agboola emphasized the pivotal role of insurance brokers in distributing insurance products, responsible for generating 68.32% of the industry’s revenue. However, he expressed concern over the absence of brokers in 16 states, including Nasarawa, Niger, and Adamawa. To bolster insurance penetration, Agboola urged for collaborative efforts, partnerships, streamlined operational expenses, unified experiences, and harnessing artificial intelligence. He stressed the imperative for collective action to deepen insurance coverage and raise awareness among Nigerians.
