The President, Nigerian Council of Registered Brokers (NCRIB), Kayode Okunoren, has called on Insurance brokers in the country to be more innovative in terms of product development and continue to invent multiple streams of business ideas to weather the storm of economic recession.
Okunoren, in a chat with select journalist in Lagos, gave the admonition, stressing that this is not a period for brokers to fold their arms and watch the pendulum swinging against them.
He said the present economic malady is impacting insurance business negatively as it has forced many policy holders to jettison the need to renew their policies.
“Nigeria runs a cash and carry economy, where insurance is often placed at the lowest ebb of scale of preference, if included at all. Many policy holders have jettisoned the need to renew their policies.
“There are no new businesses, and to worsen the situation, Government agencies and parastatals, which happens to be the highest Insurance Consumers, have no wherewithal to pay premiums as at when due. The implication is that, there are no covers for most government agencies and parastatals in view of the “No Premium No Cover” policy.
“However, in all these, I like to implore my professional colleagues to hold the faith and believe in the change policy of the incumbent government. Howbeit, I can see a bright light at end of the tunnel.
“I challenge you all at a time like this to be more innovative in terms of product development and continue to invent multiple streams of business ideas to weather the storm. It is not time to fold our arms and watch the pendulum swinging against us,” he said.