Recession: NCRIB urges members to keep the faith

L-R: Vice President, Nigerian Council of Registered Insurance Brokers (NCRIB), Dr. (Mrs.) Bola Onigbogi; Lagos State Commissioner for Housing, Hon. Gbolahan Lawal; President, NCRIB, Mr. Kayode Okunoren and Managing Director, Niger Insurance Plc, Mr. Kolapo Adedeji at August Edition of NCRIB Members’ Evening at NCRIB Secretariat, Yaba, Lagos …recently.

Following the sudden crash in Nigeria’s economy, the Nigerian Council of Registered Insurance Brokers (NCRIB) has called on its members to hold on the tenets of the profession.

Kayode Okunoren, NCRIB President and Chairman of the Council disclosed this while hosting Lagos State Commissioner for Housing, Mr. Gbolahan Lawal, Managing Director/CEO, Nigeria Police Pension Limited, Dr. Hamza Bokki, and the Management team of the Niger Insurance Plc led by Mr. Kola Adedeji, at the August 2016 Edition of NCRIB Members’ Evening on Tuesday in Lagos.

Since the fall oil in price, the NCRIB President lamented that highest Insurance Consumers, government agencies and parastatals have jettisoned the need to renew their policies since it could not pay workers’ salaries, adding that the situation has now worsen the situation for 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 Dollar to a naira. The brunt is being borne by both rich and 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 happens 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.

“Howbeit, I can see a bright light at end of the tunnel.

“I challenge you all at a time like this to be more innovative, in terms of product development and invent multiple stream of business ideas to weather the storm. It is not time to fold our arms and watch the pendulum swinging against us.”

Mr. Okunnoren, also reiterated the need for enhanced corporate visibility for Brokers.

He assured that whatever support that is given by any member of the Broking Council will be duly acknowledged, adding that it will contribute significantly to the Council’s image, and to the benefit of all.