Data from the Nigerian Council of Registered Insurance Brokers has said the subsector contributed 60 per cent of insurance business in Nigeria in 2021.
The Director-General, Nigerian Insurers Association, Mrs Yetunde Ilori, who stated this, said out of the 60 per cent share, 80 per cent of it was from the non-life insurance business, while 40 per cent was a contribution from life insurance segment.
Ilori, who spoke at a management retreat of the Lagos Area Committee of the Nigerian Council of Registered Insurance Brokers, noted that brokers in the Lagos market contributed 60 per cent of the business volume, underscoring the strategic importance of the brokers located in the axis.
“Though it is affirmed that these businesses come from Lagos, the NIA would soon go granular to determine whether the brokers that brought in the businesses were domiciled in Lagos or just have their branch offices there,” Ilori stated.
She noted that the high volume of businesses coming from insurance brokers gave them the responsibility to be more creative and ingenious in adding more value to the insurance industry, and by so doing increasing the penetration and acceptance of insurance by the populace.
Ilori urged brokers and other insurance operators to be dissatisfied with the current record and seek to raise the bar.
Speaking on the theme “Leading for change”, the Chief Executive Officer, Dapsaderk Consulting Limited, Mrs Adekunle Aderemi, urged the delegates to imbibe transformational leadership to change the narrative of the insurance industry in the country.
She said that change management was a desirable skill for all managers and leaders of business in the world in order to cope with the changing dynamics of work and professions.
According to her, the insurance industry requires more dynamism on the part of leadership to meet the changing expectations of the populace in risk management and insurance.
The Executive Secretary of the Nigerian Council of Registered Insurance Brokers, Mr Tope Adaramola, who spoke on ‘Effective relationship management’, noted that since all professions and businesses were people based, professionals must deliberately school themselves in the art of people management, as a way to excel in the changing world.
