Insurance Penetration: NCRIB Vows To Double Efforts

With insurance penetration still very low in Nigeria, the Nigerian Council of Registered Insurance Brokers (NCRIB) has vowed to double efforts in driving insurance penetration.
The president, (NCRIB), Mr Shola Tinubu, at the quarterly media briefing in Lagos state, said the Council is quite aware of the desire of the National Insurance Commission (NAICOM) to drive insurance penetration in the country.
“This is commendable. While the entire industry operators are saddled with the task to make this vision come to pass, the NCRIB would soon be redoubling its efforts by making inputs into the initiative.
“We like to use this opportunity to appreciate NAICOM for its favourable disposition towards growing the industry and assure that our Council will continue to complement the Commission in this regards,” he added.
Speaking on the 2019 general elections, the NCRIB boss said it is quite heartwarming that the nation’s polity, though still bedeviled by democratic challenges has given new hope of stability.
“I therefore, want to utilize this opportunity to once again congratulate the President  and the Vice President; His Excellency, President Muhammadu Buhari and His Excellency, Professor Yemi Osinbajo, respectively. I also congratulate all elected State Governors and members elected to represent us at the legislative arms across all levels in the country,” he added.
It is a known fact that politics and economy are inextricably woven, as one negative or positive development in one would most assuredly affect the other, and vice versa, says Tinubu, adding that the stability of Nigeria political environment is an harbinger of a stable and progressive economy.
As actors in the financial ecosystem, the president said the NCRIB is using this platform to advise the government to inject fresh ideas into the running of the nation’s economy while at the same time sustaining the tempo of existing positive economic policies already put in place by the government.
He said, “The reflation of the economy should be anchored on enhanced promotion of local capacity to reduce over dependence on foreign goods and services, and by so doing reduce the strain on the nation’s currency vis a vis other foreign currencies.
“Government must create an improved enabling environment for business and professional growth through initiation and tenacious pursuit of laws and regulatory prescriptions that would enhance economic growth.
“In specific terms, urgent attention must be paid to reducing poverty, which has as its bye product, unemployment and poor standard of living. While Nigerians are awaiting government to give more teeth to  implementation of Oil and Gas reforms, power sector reforms and human capital development and redouble efforts in promoting agriculture,  more attraction should also be given to the state of security in the country.
“Since insurance thrives more when the economy thrives, it is our believe that the industry will witness desired northward trend when the economy is on a sure sound footing.”


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