The Chairman of African Insurance Brokers Association (AIBA), Dr. Feyi Soyewo has called on insurance stakeholders to cooperate with the Nigerian Council of Registeread Insurance Brokers (NCRIB) and ensure that the provision of the Act establishing the council are fully implemented and to the benefits and advantages of all stakeholders and the nation’s economy.
Soyewo who stated this at a public presentation of his book entitled ‘Insurance Broking in Nigeria’ said the NCRIB Act removed the body of insurance brokers from the list of the industry’s so called “trade associations and rightly established it as a professional body with extensive regulating powers.
He noted that the Act was one of the best gifts by the legislature to the Nigerian insurance industry .
Soyewo advised the leadership of NCRIB to apply diligence in the implementation of the law and ensure disciplined insurance broking profession.
He noted that there were indications that insurance broking business would soon take its rightful position in the scheme of things in Africa, adding that if Africa insurance brokers could lay claim to just 25 per cent of broking business that exit the shore of the continent, brokers would smile continually to banks.
Soyewo noted that AIBA as a prelude to overhauling programme in the industry has put in place some mechanisms that would ease out nonchalant brokers and place priority on integrity and loyalty to their customers.
According to him, the organisation, which is the strongest arm of AIO has not been able to take its rightful position, stressing that the organisation has recently been reconstituted with individuals that were ready to work for the success of the AIBA vision and objectives.
“The Nigerian insurance industry is no doubt going through developmental process and the broking sector is not left behind. The compulsory insurance law and the Nigerian content law on oil and gas would go a long way to moving the industry to the next level.
Speaking on the present state of insurance broking business in Nigeria , Soyewo said that insurance brokers themselves were not organised to such an extent that they could fight their course with one voice.
?