NCRIB to work with stakeholders on insurance growth – TrendyNewsReporters
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NCRIB to work with stakeholders on insurance growth

The President, Rotimi Edu has expressed commitment to partnering with the government and other stakeholders to ensure insurance growth

He said this during an event organized to mark the 60th anniversary of the council and the unveiling of its anniversary mascot and logo tagged OKIN in Lagos on Thursday.

During the event which was widely attended by chieftains in the insurance industry and other financial institutions, he described OKIN as the optimization of knowledge in the insurance sector in Nigeria.

Edu said, “One of the greatest desires of all well-meaning operators in the industry is how to further deepen insurance in the country.

“In this regard, the council is already ingeniously creating avenues through strategic engagements with notable governmental and non-governmental institutions to deepen the industry in the country.”

Explaining the history of the NCRIB, he said the council was established in 1962 as an indispensable adjunct of the insurance marketing chain.

In spite of the teething challenges at inception, the council has risen to the position of prominence among its peers nationwide, producing 21 presidents and about 500 members spread across the nooks and crannies of the country, he said.

According to Edu, the number of registered insurance brokers under the aegis of the council has continued to grow.

He said that insurance broking in Nigeria dates back to 1953, marking the first time that an independent agent in the name of Edward W. Turner & Co. came to Nigeria.

The NCRIB president said, “After series of events and importation of foreign insurance broking firms in Nigeria, it is worthy of note that T. A Braithwaite & Co became the first indigenous insurance broking firm with its establishment in 1958.

“This later opened doors for other professionals and insurance broking firms to take advantage of the fledgling insurance opportunities in the economy. Notable among those who came into existence at that time were Thomas Insurance Brokers established by Mr. J. A Thomas; J. Akin George & Co Limited by Chief John Akinwumi-George and African Underwriters Limited set up by Chief Sunny Odogwu.”

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