Insurance Brokers contributed 60 per cent of insurance business in Nigeria in 2021, affirming the market as Brokers’ dominated.
Giving this disclosure, the Director General of the Nigerian
Insurers Association (NIA), Mrs. Yetunde Ilori stated that out of the 60 per
cent, 80 per cent of it was for Non-Life Insurance business while 40 per cent
was contributed for Life.
Ilori who spoke at the Management Retreat of the Lagos Area
Committee of the Nigerian Council of Registered Insurance Brokers (NCRIB) in
Lagos, noted that Brokers in the Lagos Market contributed 60 per cent of the
business volume, underscoring the strategic importance of the Brokers located
in the axis.
“Though it is affirmed that these businesses come from
Lagos, the NIA would soon go granular to determine whether the Brokers that
brought in the businesses were domiciled in Lagos or just have their branch
offices there”, Ilori stated.
She noted that the high volume of businesses coming from
Insurance Brokers behooves on them the responsibility to more creative and
ingenious in adding more value to the insurance industry and by so doing
increasing the penetration and acceptance of insurance by the populace.
Ilori admonished Brokers and all other insurance operators
to be dissatisfied with the status quo and always think of doing things
differently in order to record the required changes and progress required in
the industry, which she noted still operated below its optimum capability.
Speaking on the theme “Leading for Change”, the CEO of
Dapsaderk Consulting Ltd, Mrs Adekunle Aderemi told the delegates to imbibe
transformational leadership in order to change the narrative of the insurance
industry in the country.
She averred that change management was a desirable skill for
all managers and leaders of business in the world in order to cope with the
changing dynamics of work and professions, stating that the insurance industry
required more dynamism on the part of leadership to meet the changing
expectations of the populace in risk management and insurance.
The Executive Secretary of the Nigerian Council of
Registered Insurance Brokers (NCRIB), Tope Adaramola, who spoke on “Effective
Relationship Management”, noted that since all professions and businesses are
people based, professionals must deliberated school themselves in the art of
people- management, as a way to excel in the changing world.
Adaramola advised professionals to place priority on
personal values, good ethics, effective communication and social relationships
in order to break even in life and their various professions and vocations.