Analysts urge FG to invest funds for disaster management into insurance

Huge funds and other economic resources spent by government on disaster management could be channelled to infrastructure development and other areas of the economy if government and its agencies could embrace insurance, analysts have said. This, they believe, is an international best practice that has been adopted by most developed economies and should be replicated here in Nigeria.

Ayodapo Shoderu, president, Nigerian Council of Registered Insurance Brokers (NCRIB), who spoke at the recently concluded National Insurance Conference organised by the Council, said the continual neglect of the insurance industry in disaster management had continued to deplete government’s resources at the various levels as well as had also limited the relevance of the insurance industry and its contributions to the nation’s Gross Domestic Product.

“In advanced and advancing climes, the insurance industry is allowed to cushion the effects of disasters on the victims rather than for government to allocate monies to meet such needs.”

Shoderu stated that insurance should begin to put its acts together and be more proactive in following up with the campaign for relevance with government institutions and other strategic stakeholders.

Determined to continue to promote professionalism and high ethical standards among insurance brokers, NCRIB has reiterated that it would spare no available opportunity to chastise charlatans who parade themselves as practitioners.

The Council, apart from stringent registration procedure and robust induction programme for new members under its Membership, Disciplinary and Investigation committees has been reinvigorated for unbiased decisions on cases brought before them, Shoderu noted.

Shoderu explained that the Council would not fold its arm to allow its members to get disenfranchised, so is engaging NAICOM on a very silent but robust and result-oriented discourse over the recent de-registration of some of the Council’s members.

The issue would be fully resolved, as following the Council’s intervention, NAICOM has invited some of the de-registered brokers to update their registration and commence operation.

“According to him, the capacity building initiative of the Council has been up scaled to underscore the imperative not only for continuous learning but also to create and sustain a learning organisation.

The chief executive officers and other principal officers retreat has continued to add value to members in terms of both technical and soft skills acquired by members, as the last retreat held in Abeokuta themed “Winning Corporate Bids” was quite instructive as searchlight was beamed on critical requirements for bid submissions.”

Realising the compelling need to manage the existing cordial relationship with the National Insurance Commission (NAICOM) in particular, and the other industry’s constituent bodies, the Council has strengthened her relationship with the commission, the Nigerian Insurers Association and the Chartered Insurance Institute of Nigeria. It is heart-warming that the Council has continued to receive the commission’s cooperation in reducing unwholesome practices in the industry.

While NAICOM has maintained a good stand as an arbiter between insurance brokers and underwriters, it has also continued to facilitate adherence to ethics and professionalism through collaboration with the council on implementation of the NCRIB Act.

On conferment of honours, Shoderu pointed out that it was worthy of mentioning that the process for conferment of fellowship by the Council has been rejigged. The Board of Fellows has now put in place thesis presentation on topics of choice as prerequisite for award of the apex certificate; the intention is to put the NCRIB at par with other reputable professional bodies in conferment of the honour.

Modestus Anaesoronye