Abuja, Nigeria (CU)_ The Nigerian Council of Registered Insurance Brokers (NCRIB) is partnering with the Lagos Chamber of Commerce and Industry (LCCI) to better promote the values of insurance throughout the economic sectors of Nigeria. Insurance penetration in the country is less than 1%, with the industry contributing only 0.3 percent to GDP despite the nation’s enormous population.
According to experts, there are several prospects and potentials that are yet to be utilized. They also highlighted the importance of increasing knowledge about the benefits of insurance. Michael Olawale-Cole, president of the LCCI, gave the guarantee when the NCRIB members visited the chamber along with their president Rotimi Edu. According to Olawale-Cole, the chamber will be available to insurance brokers in order to promote insurance’s values to business and trade.
The president of the LCCI underlined that the two organizations will collaborate extensively during his management and asked NCRIB members to join the chamber. Additionally, according to NCRIB president Edu, the visit to the LCCI was part of the brokers’ strategic interaction with professional organizations in an effort to expand the brokers’ significance inside Nigeria’s organized private sector.
Edu asked the chamber to utilize its platform to educate members on the necessity of all mandatory insurance, noting that the insurance business had not yet achieved the level of patronage and public acceptability that it deserved. He said, “we will appreciate that your chamber gets the NCRIB involved in some of your programmes both at international and national levels by giving room for the council to tell the story. If the chamber preaches this to all its members, it will ensure comfortability in times of claims.
