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 important 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 mentioned.
She burdened that enough insurance coverage safety for public infrastructure was important to lowering the monetary penalties of surprising losses and stopping authorities assets from being diverted unnecessarily to rebuild broken belongings.
According to her, authorities investments in transport techniques, energy crops, seaports, railways and different strategic infrastructure make it crucial to make sure that such belongings are adequately insured in opposition to potential dangers.
She warned that injury to or destruction of important infrastructure might disrupt financial actions, impose substantial prices on authorities and undermine nationwide improvement 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 mentioned the insurance coverage business would proceed to have interaction authorities establishments and regulatory authorities to handle gaps within the insurance coverage of public infrastructure and be certain 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 enough safety of public belongings would strengthen the nation’s means to recuperate from main disruptions.
She spoke forward of the NCRIB National Insurance Brokers Conference and Exhibition, which is able to convey collectively insurance coverage practitioners, authorities representatives, regulators, traders and different stakeholders to look at the function of insurance coverage in infrastructure financing and nationwide improvement.
Ezeibe mentioned insurance coverage brokers had a duty to convey collectively challenge homeowners, authorities establishments, traders and insurers to make sure that acceptable insurance coverage preparations had been integrated into infrastructure planning and improvement.
According to her, enough insurance coverage safety might present larger reassurance to financiers by lowering uncertainty over the monetary penalties of injury to infrastructure belongings.
She defined that brokers should assist purchasers determine acceptable protection, assess potential dangers and perceive coverage phrases and circumstances earlier than buying insurance coverage.
She added that skilled brokers must also information purchasers 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 means of Nigeria’s insurance coverage business to cowl main infrastructure initiatives following the sector’s recapitalisation train.
She mentioned the recapitalisation, alongside the introduction of risk-based capital necessities below 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 mentioned.
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 inserting larger duty on the National Insurance Commission (NAICOM) to watch compliance.
She mentioned the method ought to promote accountable underwriting and strengthen confidence amongst policyholders, companies and traders looking for 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 supply further safety for dangers exceeding particular person insurers’ capability.
According to her, distributing dangers throughout worldwide insurance coverage and reinsurance markets was a longtime business apply that helped unfold publicity and shield insurers in opposition to main losses.
She maintained that Nigeria’s insurance coverage market possessed the skilled experience to assist main infrastructure initiatives, offered acceptable underwriting requirements and risk-management preparations had been maintained.
Beyond infrastructure safety, Ezeibe introduced plans to broaden insurance coverage entry to small companies, informal-sector operators and underserved communities by way of technology-driven microinsurance initiatives.
She mentioned the council was working in the direction of introducing a digital utility that might allow extra Nigerians to entry insurance coverage merchandise by way of their cell phones.
The initiative is anticipated to make insurance coverage extra accessible to market merchants, mechanics and different small-scale enterprise operators who could discover standard insurance coverage merchandise troublesome to acquire.
According to her, reasonably priced microinsurance might assist small companies recuperate from losses brought on by incidents corresponding to fireplace and theft, enabling homeowners to renew operations extra shortly.
She mentioned the insurance coverage business had a duty to increase its companies past high-income earners and be certain that micro, small and medium-sized enterprises (MSMEs) had been included within the insurance coverage security web.
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 supposed to consolidate the programme earlier than extending it to different elements of the nation.
She mentioned 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 tasks.
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 capabilities.
According to her, the Nigerian Council of Registered Insurance Brokers Act 2003 establishes the authorized framework for the council’s registration tasks, 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 below the relevant authorized framework.
Ezeibe suggested customers to seek the advice of the council’s official web site, www.ncrib.web, to confirm registered insurance coverage brokers and cross-check their credentials in opposition to NAICOM’s information.
She mentioned stronger verification mechanisms and regulatory enforcement had been obligatory to guard customers from unqualified operators and protect confidence within the insurance coverage market.
Ezeibe additionally highlighted consumer-protection provisions below 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 below 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 automobiles, topic to relevant statutory circumstances.
The NCRIB president additional famous that the brand new authorized framework requires insurance coverage brokers to take care of skilled indemnity cowl of at the least ₦100 million or 50 per cent of their earlier 12 months’s revenue, whichever is larger.
She mentioned the requirement was supposed to supply an avenue for eligible purchasers 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 business recapitalisation and efficient regulatory oversight, would assist shield public investments, strengthen nationwide resilience and assist Nigeria’s infrastructure improvement.
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 improvement.
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