Insurance Broker Recommends Punishment for Violators of Compulsory Insurance Law


Ebere Nwoji

The federal government has been urged to implement punitive measures for Nigerians who violet the compulsory insurance law to serve as deterrent to future offenders.

The government was also urged to make laws that will make use of insurance brokers compulsory.
The Chairman/CEO, Boff & Company Insurance Brokers Limited, Mr. Babajide Olatunde-Agbeja, who made these calls at a recent press briefing in Lagos to review his company’s operations after 25 years of existence, noted that several years after the kick-off of implementation of compulsory insurances in the country, people still violet it freely without any punishment.

He said unless punishment for the offence is spelt out and implemented, people will not respect the law while victims of road accidents and other risks which the compulsory insurances are meant to protect will continue to suffer without compensation.

He said it is time the federal government should effect practical implementation of the compulsory insurances with punitive measures against the erring members of the public, noting that since these insurances came into place, most Nigerians are taking them for granted as there was no defined sanctions attached to their violation.

He added that the fortunes of the insurance industry will improve if compulsory insurances could be enforced.
“This will be a win-win situation for everybody as claims will be paid to those involved in any incident leading to a claim, especially, third party,” he said.

He also urged the law makers to enforce the use of insurance brokers to place all insurances contracts in Nigeria adding that this will be a huge advantage to the insuring public.

“I have heard of many complaints from people during claims processing that they were dissatisfied with their settlement offer. Using an insurance broking firm guarantees you a good analysis of your portfolio, processing and renewals and claims handling and settlement,” he pointed out.

According to him, this will be similar to what obtains in the stock market where shares can only be purchased through a stockbrokers.
“Insurance company gives you what it has, but an insurance broker gives you what you need,’ he said.

He said Boff & Company had in the last 25 years built a brand that is noted for efficiency, professionalism, and personalized service, which he said its clients can attest to.

Insisting that prompt settlement of genuine claims is more advantageous than spending huge money on adverts, the Boff & Company boss said his broking firm has simplified claims process.
“All our technical staff members are trained locally and internationally continuously, as insurance broking is not easily understood by the public. So, we educate all those we come in contact with about the need to insure through a good broker at all times,” he stated.

To marks its 25th anniversary, he said the company planned to donate Information Communication Technology (ICT) room to Ibadan Boys High School directly opposite its head office in Ibadan, Oyo State to enable students of that school to be computer literate from a young age.
The company, he added, was currently renovating a room donated for that purpose in the school, stating that Boff & Company is starting with four computers, which could be increased as times progress.