Taking the Nigeria government for what it is, the prime spender and top buyer of insurance cover and also, the enforcer of policies including insurance development policies, the Nigerian Council of Registered Insurance Brokers (NCRIB), wants the federal government to take the strategic position in the enforcement of compulsory insurance policies.
The President NCRIB, Dr. Mrs. Bola Onigbogi, delivered this appeal in Lagos at a press conference held at the Brokers House in Yaba, Wednesday, stating that the importance of insurance needs an enforcer that not only keeps individuals and business owners on the wheels of compulsory insurance but ultimately takes Nigeria to the point where insurance is bought by consumers and not sold to them.
Onigbogi while emphasising the benefits of compulsory insurance policies to consumers, said it will remain elusive if that strategic position in enforcement is not taken by government. “It is on that note that I like to appeal to the government to help the industry by taking more strategic position in enforcement of compulsory insurance policies,” she stated.
Narrating the insurance road not taken by individuals, businesses and government which has unfortunately crippled businesses and slowed national and insurance development, she said several factors are responsible for this: low penetration, the poor state of the economy and the exclusion of insurance in the cost of operations of companies. She cites small business owners as the major in insurance avoidance. “Many small business owners could not grow beyond a year because they did not factor in insurance from onset.” She said that the nation must come to terms with the inescapable that, “Insurance is key to the development of any nation.”
With these pillars set, Onigbogi said there must be conscious efforts to continually sensitize the insuring public on the importance of insurance. She submits: “This must start from the top.”