The Nigerian Council of Registered Insurance Brokers (NCRIB) has warned that failure to adequately insure authorities belongings might undermine Nigeria’s nationwide resilience and expose the nation to vital monetary losses within the occasion of disasters and different unexpected circumstances.
The President of the NCRIB, Ekeoma Ezeibe, gave the warning throughout a press convention on Tuesday in Abuja, calling for stronger enforcement of obligatory insurance coverage necessities for presidency belongings to guard important public infrastructure and safeguard public investments.
“If we do not insure the critical assets of our nation, then it means that in times of shock, there is no resilience,” Ezeibe stated.
She burdened that sufficient insurance coverage safety for public infrastructure was important to decreasing the monetary penalties of sudden losses and stopping authorities assets from being diverted unnecessarily to rebuild broken belongings.
According to her, authorities investments in transport methods, energy crops, seaports, railways and different strategic infrastructure make it crucial to make sure that such belongings are adequately insured towards potential dangers.
She warned that harm to or destruction of important infrastructure might disrupt financial actions, impose substantial prices on authorities and undermine nationwide growth efforts.
Ezeibe famous that the Nigerian Insurance Industry Reform Act 2025 gives for obligatory insurance coverage of presidency belongings and empowers the regulator to implement compliance.
She stated the insurance coverage trade would proceed to interact authorities establishments and regulatory authorities to deal with gaps within the insurance coverage of public infrastructure and be sure that the legislation translated into sensible motion.
The NCRIB president maintained that authorities should lead by instance in complying with obligatory insurance coverage necessities, including that sufficient safety of public belongings would strengthen the nation’s potential to get better from main disruptions.
She spoke forward of the NCRIB National Insurance Brokers Conference and Exhibition, which is able to deliver collectively insurance coverage practitioners, authorities representatives, regulators, traders and different stakeholders to look at the function of insurance coverage in infrastructure financing and nationwide growth.
Ezeibe stated insurance coverage brokers had a accountability to deliver collectively mission house owners, authorities establishments, traders and insurers to make sure that acceptable insurance coverage preparations have been integrated into infrastructure planning and growth.
According to her, sufficient insurance coverage safety might present higher reassurance to financiers by decreasing uncertainty over the monetary penalties of injury to infrastructure belongings.
She defined that brokers should assist shoppers establish acceptable protection, assess potential dangers and perceive coverage phrases and situations earlier than buying insurance coverage.
She added that skilled brokers also needs to information shoppers all through the claims course of to make sure that policyholders perceive their entitlements and obtain acceptable help when insured losses happen.
Ezeibe burdened that clear communication about coverage protection, exclusions and claims procedures was important to constructing public confidence in insurance coverage.
The NCRIB president expressed confidence within the potential of Nigeria’s insurance coverage trade to cowl main infrastructure tasks following the sector’s recapitalisation train.
She stated the recapitalisation, alongside the introduction of risk-based capital necessities beneath the Nigerian Insurance Industry Reform Act 2025, had strengthened insurers’ monetary positions and improved their capability to underwrite bigger dangers.
“After the recapitalisation exercise, we have the capacity. We have the technical know-how,” she stated.
Ezeibe defined that the risk-based capital framework goes past minimal capital thresholds by linking insurers’ capital adequacy to the dangers they underwrite.
According to her, the framework requires insurance coverage corporations to make sure that the dangers they assume stay inside their monetary capability, whereas putting higher accountability on the National Insurance Commission (NAICOM) to observe compliance.
She stated the method ought to promote accountable underwriting and strengthen confidence amongst policyholders, companies and traders in search of safety for his or her belongings.
Ezeibe additionally counseled NAICOM for its dealing with of the recapitalisation train, expressing confidence within the regulator’s implementation of the brand new necessities.
She added that stronger home insurers can be higher positioned to retain extra insurance coverage enterprise inside Nigeria, whereas reinsurance preparations would proceed to offer further safety for dangers exceeding particular person insurers’ capability.
According to her, distributing dangers throughout worldwide insurance coverage and reinsurance markets was a longtime trade apply that helped unfold publicity and shield insurers towards main losses.
She maintained that Nigeria’s insurance coverage market possessed the skilled experience to assist main infrastructure tasks, supplied acceptable underwriting requirements and risk-management preparations have been maintained.
Beyond infrastructure safety, Ezeibe introduced plans to develop insurance coverage entry to small companies, informal-sector operators and underserved communities by means of technology-driven microinsurance initiatives.
She stated the council was working in the direction of introducing a digital software that might allow extra Nigerians to entry insurance coverage merchandise by means of their cell phones.
The initiative is predicted to make insurance coverage extra accessible to market merchants, mechanics and different small-scale enterprise operators who might discover typical insurance coverage merchandise troublesome to acquire.
According to her, reasonably priced microinsurance might assist small companies get better from losses attributable to incidents akin to fireplace and theft, enabling house owners to renew operations extra shortly.
She stated the insurance coverage trade had a accountability to increase its companies past high-income earners and be sure that micro, small and medium-sized enterprises (MSMEs) have been included within the insurance coverage security internet.
Ezeibe recognized know-how as a important software for increasing insurance coverage distribution and enhancing entry to reasonably priced merchandise.
She disclosed that the NCRIB had launched an insurance coverage penetration initiative in Ogun State in June, including that the council meant to consolidate the programme earlier than extending it to different components of the nation.
She stated cooperation with state governments can be vital to the initiative’s success and that the programme would proceed past her presidency as a part of the council’s institutional duties.
The NCRIB president urged members of the general public to confirm the registration and licensing standing of insurance coverage brokers earlier than partaking their companies.
She defined that the NCRIB serves as an preliminary skilled gatekeeper, whereas NAICOM performs regulatory licensing and enforcement features.
According to her, the Nigerian Council of Registered Insurance Brokers Act 2003 establishes the authorized framework for the council’s registration duties, whereas the Nigerian Insurance Industry Reform Act 2025 reinforces regulatory oversight.
She warned that practising as an insurance coverage dealer with out the required authorisation constitutes an offence beneath the relevant authorized framework.
Ezeibe suggested shoppers to seek the advice of the council’s official web site, www.ncrib.internet, to confirm registered insurance coverage brokers and cross-check their credentials towards NAICOM’s information.
She stated stronger verification mechanisms and regulatory enforcement have been vital to guard shoppers from unqualified operators and protect confidence within the insurance coverage market.
Ezeibe additionally highlighted consumer-protection provisions beneath the Nigerian Insurance Industry Reform Act 2025, together with the Insurance Policyholders Protection Fund and the Accident Victims Protection Fund.
She defined that the Insurance Policyholders Protection Fund was established to assist shield eligible policyholders whose claims stay unpaid beneath specified circumstances involving insurance coverage corporations.
The Accident Victims Protection Fund, she added, gives a framework for help in qualifying circumstances involving third-party victims of uninsured or unidentified autos, topic to relevant statutory situations.
The NCRIB president additional famous that the brand new authorized framework requires insurance coverage brokers to keep up skilled indemnity cowl of at the least ₦100 million or 50 per cent of their earlier yr’s earnings, whichever is increased.
She stated the requirement was meant to offer an avenue for eligible shoppers to hunt compensation the place skilled negligence or inappropriate recommendation resulted in losses.
Ezeibe maintained that these provisions mirrored broader efforts to strengthen client safety, enhance skilled requirements and restore public confidence within the insurance coverage market.
She reiterated that imposing obligatory insurance coverage necessities for presidency belongings, alongside trade recapitalisation and efficient regulatory oversight, would assist shield public investments, strengthen nationwide resilience and assist Nigeria’s infrastructure growth.
She referred to as for sustained collaboration amongst authorities establishments, regulators, insurers and brokers to make insurance coverage an integral a part of infrastructure planning and nationwide financial growth.
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