Brokers contribute 60% insurance premium – NIA
By Chuks Udo Okonta
Insurance Brokers contributed 60 per cent of insurance business in Nigeria in 2021, affirming the market as Brokers’ dominated.
Giving this disclosure, the Director General of the Nigerian Insurers Association (NIA), Mrs. Yetunde Ilori stated that out of the 60 per cent, 80 per cent of it was for Non-Life Insurance business while 40 per cent was contributed for Life.
Ilori who spoke at the Management Retreat of the Lagos Area Committee of the Nigerian Council of Registered Insurance Brokers (NCRIB) in Lagos, noted that Brokers in the Lagos Market contributed 60 per cent of the business volume, underscoring the strategic importance of the Brokers located in the axis.
“Though it is affirmed that these businesses come from Lagos, the NIA would soon go granular to determine whether the Brokers that brought in the businesses were domiciled in Lagos or just have their branch offices there”, Ilori stated.
She noted that the high volume of businesses coming from Insurance Brokers behooves on them the responsibility to more creative and ingenious in adding more value to the insurance industry and by so doing increasing the penetration and acceptance of insurance by the populace.
Ilori admonished Brokers and all other insurance operators to be dissatisfied with the status quo and always think of doing things differently in order to record the required changes and progress required in the industry, which she noted still operated below its optimum capability.
Speaking on the theme “Leading for Change”, the CEO of Dapsaderk Consulting Ltd, Mrs Adekunle Aderemi told the delegates to imbibe transformational leadership in order to change the narrative of the insurance industry in the country.
She averred that change management was a desirable skill for all managers and leaders of business in the world in order to cope with the changing dynamics of work and professions, stating that the insurance industry required more dynamism on the part of leadership to meet the changing expectations of the populace in risk management and insurance.
The Executive Secretary of the Nigerian Council of Registered Insurance Brokers (NCRIB), Tope Adaramola, who spoke on “Effective Relationship Management”, noted that since all professions and businesses are people based, professionals must deliberated school themselves in the art of people- management, as a way to excel in the changing world.
Adaramola advised professionals to place priority on personal values, good ethics, effective communication and social relationships in order to break even in life and their various professions and vocations.