The Nigerian Council of Registered Insurance Brokers (NCRIB), the professional body authorized to provide insurance broking services in Nigeria, continues to champion the cause of insurance awareness and education across the country. Through strategic collaborations with organizations, agencies, and individuals, NCRIB is driving growth in the insurance industry and solidifying its role as a key pillar of the nation’s economy.
Established under the Insurance Decree No. 58 of 1991, NCRIB became a mandatory body for all practicing insurance brokers, gaining full legal recognition in 2003 with the passage of the NCRIB Act. This Act empowered the Council to regulate insurance broking practices, ensuring ethical standards and professionalism within the industry.
Today, NCRIB operates as the umbrella body for over 550 registered insurance brokers in Nigeria, with its mission rooted in providing trustworthy and qualified insurance services. Its objectives include promoting legislation that benefits the industry, arbitrating disputes, collaborating with government and professional institutions, and organizing workshops and seminars to enhance professional competencies.
The Role of Insurance Brokers
Insurance brokers are essential intermediaries in the insurance ecosystem. Unlike agents who represent a single insurer, brokers work independently, offering clients access to a variety of insurance providers. They are responsible for analyzing client needs, providing tailored coverage solutions, and ensuring smooth claims processes. By bridging the gap between insurers and policyholders, brokers contribute to economic stability by safeguarding businesses and individuals against unforeseen losses.
Leadership in Action
Prince Bàbàtunde Oguntade, the 22nd President and Chairman of NCRIB’s Governing Board, has been instrumental in advancing the Council’s mission. Speaking at a recent media conference, Oguntade highlighted NCRIB’s achievements under his leadership, which include fostering partnerships with government agencies, institutions, and influential individuals. These collaborations aim to create more opportunities for members and elevate the public perception of the insurance industry.
“In the past year, we have consciously worked to enhance the image of the insurance industry by leveraging our leadership thrust, ‘Breaking New Grounds, Sustaining Legacies,’” Oguntade stated. He reiterated his commitment to building on the foundations laid by previous administrations while opening new business avenues for members through strategic engagements.
Driving Growth Through Awareness
Over its six decades of existence, NCRIB has consistently prioritized raising awareness about the importance of insurance. Through innovative platforms and outreach programs, the Council has educated businesses and individuals on the critical role of insurance in mitigating risks and supporting economic growth.
NCRIB remains committed to positioning insurance broking as a vital component of Nigeria’s financial services sector. By upholding high standards and fostering trust, the Council aims to ensure that insurance services in Nigeria achieve global recognition and make significant contributions to the nation’s economic development.
Stay informed, stay ahead with #TheAmehNews.
Discover more from Ameh News
Subscribe to get the latest posts sent to your email.
