The nation’s continuous economy drag has been attributed in part to the attitude of businesses, government and individuals to not paying due attention to the issue of insurance.
The president, Nigerian Council of Registered Insurance Brokers (NCRIB), Mr Rotimi Edu, who brought to the fore this prevailing bad hit, said this on Tuesday at the Members Evening hosted by African Alliance Insurance at the headquarters of the Nigerian Corporation of Registered Insurance Brokers in Yaba, Lagos
Edu said the low level attention of insurance translates to loss of premium income, uninsured risks, limited funds for development and sprawling activities of inadmissible motor insurance certificates which he noted has cost the insurance industry a yearly loss of over N160bn. He said it was “disheartening to note that an industry which had been contributing less than one percent to the gross domestic product, in spite of its huge potentials, loses such whopping amount of money to fake vendors who contribute nothing to the growth of the nation. Some of these fake racketeers have their offices in some local government secretariat across the nation, carrying out their unethical acts unabated.”
He remarked that the industry has not only suffered loss of income but has suffered bad image and lapping this is that “most motorists go about their daily businesses with certificate of moribund and deformed insurance companies, just because there is no proper enforcement.”
Aside from the working relationship between the Lagos Vehicle Inspection Service and the Nigerian Insurers Association, he wants the VIS and the NCRIB to establish a similar joint effort to increase enforcement strategies to include insurance certificate in such a way that any motorist without genuine motor certificate should be made to face sanctions as stipulated in the law.
NCRIB president also announced the commencement of 60th anniversary of the Council in March with the launching of anniversary logo and mascot. He speaks, “Other activities lined up for the celebration include presentation of Council compendium, insurance walk, awards and endowment in schools, commissioning of corporate social responsibility project, sports and corporate visitation.”