President of Nigerian Council of Registered Insurance Brokers, (NCRIB) Mr Emmanuel Okunoren, has counseled insurance operators in Nigeria to imbibe spirit of professionalism and play according to global best practices to be able to benchmark themselves with foreign investors that are trooping into the industry in recent times.
Okunoren, who gave the advice in a quarterly media briefing organised by the NCRIB in Lagos, observed that in recent times, the Nigerian insurance sector, has become very attractive to international investors whom he said are making silent but impressive in roads into the market.
“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.
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,” Okunoren said.
The NCRIB president noted that it is not the best of the moment for Nigeria economy though recent reports have indicated that there is a ray of hope in the horizon.
He said it was 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”.
He vowed that the trend must definitely change with the brokers’ sustained tempo of awareness creation and adherence to ethics and professionalism.
He said the NCRIB Council, is unrelenting in sustaining the tempo of public awareness about insurance broking through its on- going Corporate Visibility Project.
He informed that the council has set up a committee, known as Financial and General Purpose Committee which in tandem with the Publicity are implementing the Project.
He said in the course of the modest step, the council, has come to the realisation that the people need insurance more this period of economic challenges adding that as they do, their ability to replace lost assets becomes more challenging than in period of plenty.
“The same also goes for government which needs to factor insurance into its calculus of economic recovery. This behoves the insurance industry the responsibility to sustain its campaign for insurance awareness in the country”, he said.
Okunoren, expressed his appreciation towards the industry regulator’s (National Insurance Commission)renewed efforts in collaboration with the Nigeria Insurers Association (NIA) in reenergising the campaign for enforcement of compulsory insurances in Nigeria as enshrined in Section 64 and 65 of the Insurance Act.
He said there is no gain saying that the 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 the public facilities.
He expressed optimism that the consideration 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. Suffice it to say that the NCRIB will also continually collaborate with such noble intentions of this kind as they unfold.