The Nigerian Council of Registered Insurance Brokers (NCRIB) has warned that failure to adequately insure authorities belongings might undermine Nigeria’s nationwide resilience and expose the nation to vital monetary losses within the occasion of disasters and different unexpected circumstances.
The President of the NCRIB, Ekeoma Ezeibe, gave the warning throughout a press convention on Tuesday in Abuja, calling for stronger enforcement of obligatory insurance coverage necessities for presidency belongings to guard essential public infrastructure and safeguard public investments.
“If we do not insure the critical assets of our nation, then it means that in times of shock, there is no resilience,” Ezeibe stated.
She pressured that sufficient insurance coverage safety for public infrastructure was important to lowering the monetary penalties of sudden losses and stopping authorities sources from being diverted unnecessarily to rebuild broken belongings.
According to her, authorities investments in transport programs, energy crops, seaports, railways and different strategic infrastructure make it crucial to make sure that such belongings are adequately insured towards potential dangers.
She warned that harm to or destruction of essential infrastructure might disrupt financial actions, impose substantial prices on authorities and undermine nationwide growth efforts.
Ezeibe famous that the Nigerian Insurance Industry Reform Act 2025 gives for obligatory insurance coverage of presidency belongings and empowers the regulator to implement compliance.
She stated the insurance coverage trade would proceed to have interaction authorities establishments and regulatory authorities to deal with gaps within the insurance coverage of public infrastructure and make sure that the regulation translated into sensible motion.
The NCRIB president maintained that authorities should lead by instance in complying with obligatory insurance coverage necessities, including that sufficient safety of public belongings would strengthen the nation’s potential to get well from main disruptions.
She spoke forward of the NCRIB National Insurance Brokers Conference and Exhibition, which can convey collectively insurance coverage practitioners, authorities representatives, regulators, buyers and different stakeholders to look at the function of insurance coverage in infrastructure financing and nationwide growth.
Ezeibe stated insurance coverage brokers had a duty to convey collectively venture house owners, authorities establishments, buyers and insurers to make sure that acceptable insurance coverage preparations had been included into infrastructure planning and growth.
According to her, sufficient insurance coverage safety might present larger reassurance to financiers by lowering uncertainty over the monetary penalties of harm to infrastructure belongings.
She defined that brokers should assist purchasers determine acceptable protection, assess potential dangers and perceive coverage phrases and circumstances earlier than buying insurance coverage.
She added that skilled brokers must also information purchasers all through the claims course of to make sure that policyholders perceive their entitlements and obtain acceptable help when insured losses happen.
Ezeibe pressured that clear communication about coverage protection, exclusions and claims procedures was important to constructing public confidence in insurance coverage.
The NCRIB president expressed confidence within the potential of Nigeria’s insurance coverage trade to cowl main infrastructure tasks following the sector’s recapitalisation train.
She stated the recapitalisation, alongside the introduction of risk-based capital necessities below the Nigerian Insurance Industry Reform Act 2025, had strengthened insurers’ monetary positions and improved their capability to underwrite bigger dangers.
“After the recapitalisation exercise, we have the capacity. We have the technical know-how,” she stated.
Ezeibe defined that the risk-based capital framework goes past minimal capital thresholds by linking insurers’ capital adequacy to the dangers they underwrite.
According to her, the framework requires insurance coverage corporations to make sure that the dangers they assume stay inside their monetary capability, whereas inserting larger duty on the National Insurance Commission (NAICOM) to observe compliance.
She stated the strategy ought to promote accountable underwriting and strengthen confidence amongst policyholders, companies and buyers in search of safety for his or her belongings.
Ezeibe additionally counseled NAICOM for its dealing with of the recapitalisation train, expressing confidence within the regulator’s implementation of the brand new necessities.
She added that stronger home insurers could be higher positioned to retain extra insurance coverage enterprise inside Nigeria, whereas reinsurance preparations would proceed to offer extra safety for dangers exceeding particular person insurers’ capability.
According to her, distributing dangers throughout worldwide insurance coverage and reinsurance markets was a longtime trade apply that helped unfold publicity and shield insurers towards main losses.
She maintained that Nigeria’s insurance coverage market possessed the skilled experience to assist main infrastructure tasks, offered acceptable underwriting requirements and risk-management preparations had been maintained.
Beyond infrastructure safety, Ezeibe introduced plans to increase insurance coverage entry to small companies, informal-sector operators and underserved communities by way of technology-driven microinsurance initiatives.
She stated the council was working in the direction of introducing a digital software that will allow extra Nigerians to entry insurance coverage merchandise by way of their cellphones.
The initiative is predicted to make insurance coverage extra accessible to market merchants, mechanics and different small-scale enterprise operators who could discover typical insurance coverage merchandise tough to acquire.
According to her, reasonably priced microinsurance might assist small companies get well from losses brought on by incidents resembling hearth and theft, enabling house owners to renew operations extra rapidly.
She stated the insurance coverage trade had a duty to increase its providers past high-income earners and make sure that micro, small and medium-sized enterprises (MSMEs) had been included within the insurance coverage security internet.
Ezeibe recognized know-how as a essential software for increasing insurance coverage distribution and bettering entry to reasonably priced merchandise.
She disclosed that the NCRIB had launched an insurance coverage penetration initiative in Ogun State in June, including that the council supposed to consolidate the programme earlier than extending it to different elements of the nation.
She stated cooperation with state governments could be necessary to the initiative’s success and that the programme would proceed past her presidency as a part of the council’s institutional duties.
The NCRIB president urged members of the general public to confirm the registration and licensing standing of insurance coverage brokers earlier than participating their providers.
She defined that the NCRIB serves as an preliminary skilled gatekeeper, whereas NAICOM performs regulatory licensing and enforcement capabilities.
According to her, the Nigerian Council of Registered Insurance Brokers Act 2003 establishes the authorized framework for the council’s registration duties, whereas the Nigerian Insurance Industry Reform Act 2025 reinforces regulatory oversight.
She warned that practising as an insurance coverage dealer with out the required authorisation constitutes an offence below the relevant authorized framework.
Ezeibe suggested shoppers to seek the advice of the council’s official web site, www.ncrib.internet, to confirm registered insurance coverage brokers and cross-check their credentials towards NAICOM’s data.
She stated stronger verification mechanisms and regulatory enforcement had been mandatory to guard shoppers from unqualified operators and protect confidence within the insurance coverage market.
Ezeibe additionally highlighted consumer-protection provisions below the Nigerian Insurance Industry Reform Act 2025, together with the Insurance Policyholders Protection Fund and the Accident Victims Protection Fund.
She defined that the Insurance Policyholders Protection Fund was established to assist shield eligible policyholders whose claims stay unpaid below specified circumstances involving insurance coverage corporations.
The Accident Victims Protection Fund, she added, gives a framework for help in qualifying circumstances involving third-party victims of uninsured or unidentified automobiles, topic to relevant statutory circumstances.
The NCRIB president additional famous that the brand new authorized framework requires insurance coverage brokers to keep up skilled indemnity cowl of not less than ₦100 million or 50 per cent of their earlier yr’s revenue, whichever is larger.
She stated the requirement was supposed to offer an avenue for eligible purchasers to hunt compensation the place skilled negligence or inappropriate recommendation resulted in losses.
Ezeibe maintained that these provisions mirrored broader efforts to strengthen shopper safety, enhance skilled requirements and restore public confidence within the insurance coverage market.
She reiterated that imposing obligatory insurance coverage necessities for presidency belongings, alongside trade recapitalisation and efficient regulatory oversight, would assist shield public investments, strengthen nationwide resilience and assist Nigeria’s infrastructure growth.
She known as for sustained collaboration amongst authorities establishments, regulators, insurers and brokers to make insurance coverage an integral a part of infrastructure planning and nationwide financial growth.
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