President, Nigerian Council of Registered Insurance Brokers (NCRIB), Kayode Okunoren, has lamented that the economic challenges facing the country are biting hard on insurance business in the country.
The brokers boss, who spoke at the members evening in Lagos, called on the Federal Government to diversify the economy into agriculture and solid minerals to free the country from the dwindling world oil prices.
According to him, the value of the naira has continued to take a downward plunge against the dollar, the pound sterling and other currencies to the detriment of the nation’s economy.
He said the challenges is having serious negative effect on the nation’s economic revival efforts, adding that aside from the possibility of stagnating industrial development and growth, the situation is already causing increasing inflationary pressure on consumer products in the market place.
“The mono-economy has left the country helpless, considering also the continuous downward slide in the price of crude oil in the international market, upstaging the budgetary anticipations of the government. Definitely, the insurance industry is not insulated from these grievous indices of economic recession,” he said.
On the recent cancelation of broker’s licenses by the National Insurance Commission (NAICOM), Okunoren urged brokers to ensure that all necessary documents are filed with the regulatory authorities in good time to forestall sanctions.
He frowned at some insurance brokers who wait till their certificates lapsed before filing necessary documents with the authorities as unprofessional brokers.
According to him, the council has succeeded in getting the commission to address some issues affecting the broking fraternity, adding that the commission has agreed to the request for a joint committee to review the list of requirements expected from brokers for rendering returns to the commission on a yearly basis.
He said “I am sure that many of you would be itching to hear from us on efforts made on the recently lapsed certificates of some of our members commission late last year. It is an unfortunate incident. We have made concerted efforts to ensure that we get the understanding of the Commissioner for Insurance on the development and happily that has crystalized in the call for re-application by the affected companies
“While we are still making efforts to continually enlist the understanding of commission on issues relating to our members, I am happy to note that the commission has acceded to our request for a joint committee to review the list of requirements expected from the brokers for rendering returns to the commission on yearly basis.