Insurance brokers are appealing to the federal government for the
release of its outstanding premium on Group Life for the year 2012.
The brokers who spoke under the auspices of the Nigerian Council of Registered
Insurance Brokers (NCRIB) said as it stand; only 41 per cent of the premium has
been paid, remaining 59 per cent to be paid.
Speaking on their behalf, Barrister Laide Osijo, president, NCRIB said
the situation has made many insurance companies to discountenance claims under
the year in review in view of the now existent No Premium No Cover
Osijo who spoke at the Brokers’ Evening in Yaba, Lagos last week said,
“This, as we are all aware, is to the displeasure of some beneficiaries
especially those that died in active service. The impression many of them have
is that the insurance industry is insensitive to their plight, a situation that
creates serious image smear for the industry.”
She said the federal government will do well to assist the industry to
avoid further accumulation of unpaid premiums and claims, a situation that
negates the extant NPNC. The issue of No Premium No Cover, she said has come to
stay with the unwavering commitment of the National Insurance Commission (NAICOM)
and the entire insurance industry towards its implementation.
It is delightful to note that the initial apprehension about the
workability of the rule is gradually being laid to rest as many of our members
and underwriters could testify, she said.
While expressing appreciation to NAICOM for its ever readiness to
address the various challenges faced by insurance brokers, she said there is no
doubt that with the level of compliance, the industry would significantly
benefit from the rule.
Speaking earlier at the event, she thanked the guest students from the
University of Lagos (Unilag) and Crawford University for their presence, saying
that the importance of grooming the youths of today who are the leaders of
tomorrow cannot be over emphasised.
Apart from constituting the pool from which providers of insurance for
the future would be drawn, she said these students are also consumers of
insurance products, if properly informed about the services.
“Consequently, we have decided to invite them to this event in order to
broaden their understanding of insurance as well as give them a room to
interact with the leading professionals in the industry,” she said.
This, she added, is to promote progressive relationship which the NCRIB
intends to have with students and youths in general.
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