N1trn premium income target is realistic, says Okunnoren

The President of the Nigerian Council of Registered Insurance Brokers (NCRIB), Mr. Kayode Okunnoren, said the insurance industry can achieve the targeted N1 trillion premium income target by 2018 through sustenance of the anti-corruption war which is a good tool to curb all malpractices that have stemmed insurance growth.

Emmanuel Kayode Okunoren, NCRIB, President

Okunnoren, who said this at a press conference in Lagos over the weekend, noted that if all necessary things are done by the government and relevant stakeholders, the target could even be achieved this year.

Stating that if all government’s assets are insured and the public genuinely insure their properties, the target would be surpassed.

He maintained that the fight against corruption if sustained would really help change the way things are done.

While calling on the Federal Government to urgently commence work on legal framework for the institutionalisation of the anti-corruption war, to enable the fight outlived the present administration, he added that it is high time the present administration commenced the conscientisation of Nigerians to re-create, in the minds of the citizens, the real virtues of honesty and transparency which was our hallmark many years ago.

NCRIB, he said, will continue to cooperate with government in achieving the mandate on the war against corruption, stressing that there is no way insurance industry could grow in an environment with systematic corruption.

“I wish to spare some thoughts for the present administration’s anti-graft war. It is no longer news that, Nigeria’s progress had been stultified by corruption and financial indiscipline and this has permeated the professions also. I hereby commend the ‘war’ and advice that government should work urgently on legal framework for the institutionalisation of the anti-corruption war, even after the exit of the present administration,” he stressed.

Speaking further, he stated that, “the present administration should immediately commence on the conscientisation of Nigerians to re-create in the minds of the citizens the real virtues of honesty and transparency which was our hallmark many years past.”

While calling on brokers to be creative and proactive in maximising the seemingly gloomy economy situation to their advantage, he stressed that it is high time operators begin to look at policy direction of the government as partly enunciated in the draft budget, in the area of diversification of the economy.

“The NCRIB under my leadership will ensure that all necessary strategic engagements are done to further enhance the growth of insurance in Nigeria, as well as increase the relevance of Insurance Brokers,” he pointed out.