Nigerian Brokers Forge Stronger Ties With Foreign Counterparts

  • Nigerian Brokers Forge Stronger Ties With Foreign Counterparts

Insurance brokers have developed stronger ties with their foreign counterparts in the last two years, the outgoing President, Nigerian Council of Registered Insurance Brokers, Mr. Kayode Okunoren, has said.

Okunoren, who spoke during his valedictory press briefing in Lagos, said, “I am most delighted to state that we have furthered the frontiers of relationships with international insurance bodies, especially the British Insurance Brokers Association and the African Insurance Forum with the consequential benefits in form of better training and exposure for members.

“We have realised that for the industry to continue to be relevant, its members must continually learn and unlearn and have the required exposure to deliver value to their clients.”

While recounting recent developments of the NCRIB, he said that the council had effective liaison with government bodies.

He said that in the last two years, the penalties and fines being levied on brokers were too severe and served as a disincentive to business, but that through constructive dialogue, the council sought concession for its members with the regulatory authorities, especially the National Insurance Commission and the Financial Reporting Council.

Okunoren also said that the employees of the council were given the required exposure through training, having realised that the secretariat is the engine room of knowledge for the council.

He said the council realised the need to inch up the image of brokers and pull down several noxious beliefs about their practice.

He added that the corporate visibility project had been warmly received by all members and through it the corporate reputation of the council and its members had been improved significantly.

“The last two years had witnessed significant cooperation between the NCRIB and other industry operators, namely: the Chartered Insurance Institute of Nigeria, the Nigerian Insurers Association and the Institute of Loss Adjusters of Nigeria,” he said.

He also said that in the last two years, there were visitations to some higher institutions where books and other educational materials were donated.

About the Author

Samed Olukoya
Samed Olukoya is the CEO/Founder of, a digital business media, with over 10 years experience as a foreign exchange research analyst and trader.

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