Bola Onigbogi, president of the Nigerian Council of Registered Insurance Brokers (NCRIB), has assured that brokers will continue to ensure that no insurance policy is placed without the input of an insurance broker.
According to the president, there is a need to intensify the effort directed at making the public value the role of insurance brokers to curb the issues of non-payment of claims and other consequential image challenges in the industry.
“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 fully understand the roles of insurance brokers, the allegation of non-payment of claims and other consequential image challenges in the industry would remain,” said Onigbogi.
Commenting on the recent expulsion by the Nigerian Insurers Association (NIA), she pointed out that the NIA has announced the expulsion of three insurance companies, namely, Industrial and General Insurance Co. Limited; Niger Insurance Plc and Standard Alliance Insurance Plc, for failing to meet their obligations to policyholders.
Noting that the affected companies were once giants of the industry that had contributed immensely to the growth of Nigeria insurance industry, she stated that the subject of discussion is necessary to consider the implication on members who have one business or the other with the companies.
Onigbogi said, “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 as low as one thousand dollars since 2019.”
Stating that some brokers have had to pay their clients to save the face of the industry, she said the investigations committee of the NCRIB was inundated with complaints of non-payment of claims, and in order to forestall further experiences, appealed to brokers to do their proper investigations.