The Nigerian Council of Registered Insurance Brokers (NCRIB) has warned that failure to adequately insure authorities property may 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 property 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 harassed 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 property.
According to her, authorities investments in transport methods, energy crops, seaports, railways and different strategic infrastructure make it crucial to make sure that such property are adequately insured towards potential dangers.
She warned that harm to or destruction of important infrastructure may 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 property 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 property would strengthen the nation’s capability to recuperate from main disruptions.
She spoke forward of the NCRIB National Insurance Brokers Conference and Exhibition, which can deliver collectively insurance coverage practitioners, authorities representatives, regulators, traders and different stakeholders to look at the position of insurance coverage in infrastructure financing and nationwide growth.
Ezeibe mentioned insurance coverage brokers had a accountability to deliver collectively mission homeowners, authorities establishments, traders and insurers to make sure that acceptable insurance coverage preparations have been included into infrastructure planning and growth.
According to her, enough insurance coverage safety may present larger reassurance to financiers by lowering uncertainty over the monetary penalties of harm to infrastructure property.
She defined that brokers should assist shoppers establish acceptable protection, assess potential dangers and perceive coverage phrases and circumstances earlier than buying insurance coverage.
She added that skilled brokers must also 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 harassed 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 capability 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 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 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 firms to make sure that the dangers they assume stay inside their monetary capability, whereas inserting larger accountability on the National Insurance Commission (NAICOM) to observe compliance.
She mentioned the strategy ought to promote accountable underwriting and strengthen confidence amongst policyholders, companies and traders looking for safety for his or her property.
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 defend insurers towards 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 have been maintained.
Beyond infrastructure safety, Ezeibe introduced plans to develop 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 software that might allow extra Nigerians to entry insurance coverage merchandise by way of their cellphones.
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 tough to acquire.
According to her, inexpensive microinsurance may assist small companies recuperate from losses brought on by incidents corresponding to hearth and theft, enabling homeowners to renew operations extra rapidly.
She mentioned the insurance coverage business had a accountability to increase its companies past high-income earners and be certain that micro, small and medium-sized enterprises (MSMEs) have been included within the insurance coverage security web.
Ezeibe recognized know-how as a important device for increasing insurance coverage distribution and enhancing entry to inexpensive 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 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 duties.
The NCRIB president urged members of the general public to confirm the registration and licensing standing of insurance coverage brokers earlier than participating 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 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.web, to confirm registered insurance coverage brokers and cross-check their credentials towards NAICOM’s data.
She mentioned 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 defend eligible policyholders whose claims stay unpaid beneath specified circumstances involving insurance coverage firms.
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 earnings, whichever is larger.
She mentioned the requirement was meant to supply 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 shopper safety, enhance skilled requirements and restore public confidence within the insurance coverage market.
She reiterated that imposing obligatory insurance coverage necessities for presidency property, alongside business recapitalisation and efficient regulatory oversight, would assist defend public investments, strengthen nationwide resilience and assist Nigeria’s infrastructure growth.
She known 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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