The Nigerian Council of Registered Insurance Brokers (NCRIB) has urged its members to hold on to the tenets of their profession despite the current economic recession.
NCRIB President and Chairman of the Council, Kayode Okunoren, stressed this while hosting Lagos State Commissioner for Housing, Gbolahan Lawal, Managing Director/CEO, Nigeria Police Pension Limited, Dr. Hamza Bokki, and the Management team of the Niger Insurance Plc led by Kola Adedeji, at the August 2016 Edition of NCRIB Members’ Evening on in Lagos.
Since the fall oil in price, the NCRIB President lamented that highest the insurance consumers, government agencies and parastatals have jettisoned the need to renew their policies since it could not even pay workers’ salaries, adding that the situation has exacerbated the challenges of the entire insurance industry.
In his word, “It is no longer news that the sharp drop in the price of oil globally has put Nigeria in a precarious situation. To say that the times are hard is to state the obvious. Our mono product economy has not helped matters. As at date, and for the first time in the history of Nigeria, the exchange rate has hit over N420 to $1.
The brunt is being borne by both the rich and the poor.
“One of the worst hit sectors is the Insurance Industry. Nigeria runs a cash and carry economy, where insurance is often placed at the lowest ebb of scale of preference if included at all. Many policy holders have jettisoned the need to renew their policies. There are no new businesses, and to worsen the situation, Government agencies and parastatals, which happen to be the highest insurance consumers, have no wherewithal to pay premiums as at when due.
“The implication is that, there are no covers for most government agencies and parastatals since the ‘No Premium No Cover’ policy must be effected. However, in all these, I like to implore my professional colleagues to hold the faith, believe in the change policy of the incumbent government.”