Wake Up, Lagos Govt Tasks Insurance Brokers

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Governor Akinwumi Ambode

By; PETER NOSAKHARE, Kaduna

Lagos State Government has urged the Nigerian insurance industry to embark on intensive public advocacy towards making government to enforce insurance cover for areas that were not presently covered against perils and unimaginable risks.

The State Commissioner for Commerce, Industry and Cooperatives, Mrs. Sadiat Olayinka Oladunjoye who made this appeal at the mid year workshop of the Nigerian Council of Registered Insurance Brokers (NCRIB), Lagos Area Committee, (LAC), noted that the country’s economic development depends largely on the growth of the insurance industry.

She explained that the perceived stagnation of the industry  has remained the key challenge that the country must overcome in other to encourage greater levels of investment.

Oladunjoye opined that the prevailing harsh economic situation has made the insurance industry to struggle to find its feet as a major financial service sector.

The commissioner however enjoined brokers to devise strategies to embark on campaign for Nigerians to imbibe insurance culture since the future of the industry has a correlation with the prospect of the brokerage firms.

She added that the first step towards making insurance a part of the people’s culture would be to prompt the government to create a favourable environment that will allow the financial service sector, especially the insurance sub-sector to thrive, which she noted would help to increase the operational efficiency of the industry.

According to her, “government, professionals and relevant agencies must ensure that they work together to make the insurance industry promoted to greater heights.”

Speaking at the event, President of NCRIB, Shola Tinubu appealed to brokers to sustain the credibility of the profession and remain relevant in the business.

Explaining the theme of the workshop  “Insurance Broking: Transition and Disruption”, Tinubu who was represented by the Executive Secretary/CEO of NCRIB, Fatai Adegbenro urged brokers to be resilient, innovative and remain worthy ambassador of the industry.

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