By Chiamaka Ajeamo [email protected] 08060655687
The President, Nigerian Council of Registered Insurance Brokers (NCRIB) , Bola Onigbogi, has said that increased public patronage of insurance brokers, would curb incidence of non-payment of claims and other consequential image challenges facing the industry. She, therefore, called on the insuring public to employ the services of brokers for seamless insurance transaction.
Onigbogi who stated this at an event held by the Council in Lagos, reiterated her commitment to ensuring that the Council becomes an indispensable entity in the insurance value chain.
“We are not relenting on our oars; we will still forge ahead and ensure that no insurance policy will be placed without the input of an insurance broker.
“I am convinced beyond limit that until the public understand fully the roles of insurance brokers, the allegation of nonpayment of claims and other consequential image challenges in the industry would remain,” she stated.
Reacting to the expulsion of some insurance companies by the Nigerian Insurers Association (NIA), she stated that it was quite unfortunate that recently, the NIA published in a half-page advert on the expulsion of three insurance companies, namely, Industrial and General Insurance Co. Limited; Niger Insurance Plc and Standard Alliance Insurance Plc, noting that, according to NIA, the affected companies failed to meet their obligations to policy holders.
She said it was disheartening that the affected companies which were once giants of the insurance industry, contributing immensely to its growth, have suddenly failed to uphold the tenets of the industry. According to her, the issue became a subject of discussion on the NCRIB platforms, not only to x-ray the implication of such advert on the image of the industry, but to also consider the implication on members who have one business or another with the companies.
“As a proactive Council, we like to urge members to always critically examine the viability of any underwriting firm before placing business with them. This is because, in recent times, there have been allegations involving non-payment of claims for as low as $1000 since 2019,” she said.
According to Onigbogi, it was distressing that, in order to save the face of the industry, some brokers have had to pay their clients.
She maintained that the Investigation Committee of the NCRIB was inundated with complaints of non-payment of claims and,ß in order to forestall similar experiences, she appealed to brokers to do their proper investigations.