The Federal Government has challenged the new leadership of the Nigerian Council for Registered Insurance Brokers (NCRIB) to consolidate on the gains of the previous administration and improve on its performance.
This charge was given by the Honourable Minister for Finance, Budget and National Planning, Zainab Shamsuna Ahmed, during the investiture of Barr. Rotimi Edu, mni as the 21st President and Chairman of the Governing Council of the Nigerian Council of Registered Insurance Brokers (NCRIB) which held at the Lagos Marriot Hotel on Thursday.
She enjoined the Council to leverage on the cosy relationship which the sector enjoys at the highest levels of the current Buhari regime to rapidly grow the sector.
“The Insurance sector in its more than 60 years history has never before this time enjoyed the closeness, romance and positive relationship with the Federal Government as we have presently under the administration of His Excellency President Muhammadu Buhari, GCFR.
“While insurance industry is celebrating these recent developments of support by the Federal Government, it will be a good opportunity for the insurance sector to impress in the heart of the general public and businesses the value of insurance as a financial instrument for protection and sustainability.
The Minister listed some of the areas where the Council is expected to consolidate gains and improve performance to include, relationship with other stakeholders, professionalism and ethics, support for government’s poverty alleviation programmes, training of members, deployment of technology,etc.
“In your new leadership position it will be expected that you and your council and indeed the entire Insurance Broking family will key into the various initiatives of the Federal government especially those relating to poverty allievation.
“The harmonious working relationship between the NCRIB and other stakeholders is commendable and we expect that this is sustained and improved upon.
“The issue of professionalism and business ethics must be taken seriously among members of the insurance broking fraternity and indeed the entire insurance industry. This will in turn improve the fragile image and perception of the sector by the populace.
“The insurance sector is a knowledge based industry which must take issue of training of its members seriously in order to update itself with current realities across the globe.
“Partnerships and collaborations must be sustained with other stakeholders we perceive as progress partners in consumption, supply or distribution of insurance products in the country. The market is indeed in a dare need of serious partnership, collaboration and synergy if truly the industry want to make the required impact.
“The efforts been made so far by the Commission require the industry players to actively get involved.
She emphasized that “the contribution of the insurance sector to the nation’s GDP must become significant for recognition.
Ahmed expressed confidence in the pedigree of the new President of the council and his capacity to move the Council and sector forward, saying, “The incoming President and Chairman in Council of the NCRIB Mr Rotimi Edu, your deep knowledge about the industry, versatility and pedigree and recently a graduate of National Institute for Policy and Strategic Studies (NIPSS) which earned you Membership of the Institute (mni) certificate, gives me the confidence that the Council under your leadership will be a formidable partner to your Regulator the National Insurance Commission and the government in the implementation of its various policies and initiatives.
While admitting that the business environment has been generally challenging, she stated that the government is doing much to stabilise the system.
Earlier in her speech, the Minister had showered encomiums on the outgoing Chairperson of the Council, Mrs Bola Onigbogi for an excellent performance hailing her tenure as a remarkable one that achieved some level of stability and successes.
“The insurance industry’s swift response to the settlement of claims that arose from the Endsars crisis which I am told is over N9billion cannot go without mention on occasion like this.
“I want to congratulate you Madam on your achievements and I believe this is just a stepping stone to what the industry should expect from your successor. We express our gratitude for your selfless service and wish you well in all your future endeavours”, the Minister told Onigbogi.