By NGOZI Onyeakusi


The outgoing President of insurance brokers practicing in the country under their umbrella body, the Nigeria Council of Registered Insurance Brokers (NCRIB), Mr Kayode Okunoren has expressed satisfaction that brokers maintained professionalism in their practice during his two year tenor as their president.

Okunoren stated this while delivering his valedictory speech in a press conference in Lagos. He said, this formed one his major achievements within the period, adding that it was made possible with assistance of the Commissioner for Insurance, Mohammed Kari.

He however noted that some members who were found on the part of default were corrected and educated. “I want to tell you that our members were very receptive and appreciated approaches we took.

We were able to make our members realize there are certain norms that they have to be abided by if they are to remain in a regulatory industry because of the nature of our business.

So all these were done, we have our investigation panel, we have our disciplinary committee, who will take investigations they have done. So it is a process, anything that leads to life and death, we can’t take it with levity.

So we have to investigate properly on any issue that was brought forward. Like you know few cases do come forward not because that things don’t happen but because we don’t have enough whistle blowers, if you see anything that is unprofessional say it out, then we will investigate and once it is investigated, appropriate action will be taken.

People have begin to know that for you to be in the the market, you must play by the rule. We don’t have any problem with the National Insurance Commission (NAICOM).

If you on your own decide to engage in a malpractices, we will deal with you from here until NAICOM, so things are shaping, everybody is being careful because they don’t have any other business”, he said.
He highlighted consistent claims settlement within the industry among others as his success stories, this he said was made possible through the cooperation of insurers who remained steadfast in redeeming their part of contracts via claims support.
Speaking on the future of the industry, Okunoren expressed optimism that the sector would record unimaginable growth.

“The future is bright, we are still turning out students of insurance, that why we visited University of Lagos and other higher institutions.
So we are also creating market for them to come in and that is why we are also trying to do the right thing. I talked about new products, we are gradually having them, we can only go up. In the next ten years I want to see the insurance firms owning banks because that is what is obtainable else where, because I believe it is doable because it is our funds that these guys are using, So efforts are in place to ensure that we create a market that will be large enough to absorb those that show interest in insurance.

So I can’t see it retrogressing at all, with the way the regulatory body is going, obviously it is a question of making sure they are on your toes in doing the right thing. So once we are doing the right thing we must go forward.

In addition to that, as the government is trying to come out of recession, it focusing on growing the economy, as the economy grows, it will require the services of insurance. Because without the backing of insurance, the economy cannot grow, so the government is expanding the economy, people are venturing into business, some are into importation, agriculture, marine. Including the mining industry, there are new risks that are emerging from that sector that requires insurance.

There should be group life insurance for the people working there or the machines they use. So as new risks which included cyber risks emerge, insurance will be there for them. You know we don’t have any cover for that at all but there are emerging businesses”, he assured.