NCRIB President Urges FG to Make Agric Insurance Compulsory

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The new President of Nigerian Council of Registered Insurance Brokers, (NCRIB) Mr. Shola Tinubu, has urged federal government to make Agricultural Insurance compulsory in the country.

Tinubu also said during his two year tenure as NCRIB president, he and his team will focus on eight point sustainable agenda that will ensure that Insurance Broking profession stands at par with its counterparts anywhere in the world.

“Essentially, our agenda and vision is to project NCRIB as a strong institution that will be propelled by professionalism. As a body that has international affiliation with organisation like British Insurance Brokers Association (BIBA), we are under obligation to benchmark our operation and growth pattern with such global institution.

He also said his administration will pay greater attention to popularising insurance industry through awareness creation.

With the agenda in mind, the new NCRIB president, recently visited the Course 39 set of the Nigerian Institute of Policy and Strategic Studies, Kuru, where he underscored the need for government to make agricultural insurance compulsory in the country.

According to the NCRIB President, the quest by government to reflate national economy and put the nation on sustainable path of economic vibrancy has necessitated government making agricultural insurances compulsory, as a pre-condition for facilities, subsidies and other goovernment support.

Tinubu, who applauded the progressive moves by government to diversify the economy from oil to non-oil, stated that “in order to increase insurance penetration in a geometric proportion, there should be concentration on the Agric sector in terms of marketing the intrinsic value of the insurance products to farmers and other Agricultural and Agro allied sectors”

Similarly, the NCRIB President highlighted the need for government to embrace insurance, in its efforts to take prudent economic strides, considering the scarce resources and tight budget of government, make it less likely to easily replace assets in the event of loss.

He opined that it was time for government across the levels to transfer their risks to the insurance market and free funds for other developmental projects, noting that the time was ripe for government to issue directives to ensure that all its assets are insured through licenced Insurance Brokers, with risks premiums provided for in yearly budgets.

On payment of bidding fees by Insurance Brokers, the NCRIB President urged government to retool the procurement rules for Insurance Brokers, making it to be in tandem with similar professional bodies like Lawyers, Accountants, Architects, and other allied professionals.

Tinubu urged NIPSS to utilise its pivotal position to advice government on the crucial roles of Insurance Brokers in the insurance value chain and the growth of the insurance industry, which he noted was the linchpin of sustainable economic growth of progressive nations in the world.