BIBA grants Nigerian brokers affiliate membership

The quest for greater international relevance by the Nigerian Council of Registered Insurance Brokers (NCRIB) has begun to yield dividends with the admission of the Council as an affiliate of the British Insurance Brokers Association (BIBA).

The affiliation has now paved way for better exchange of market information and human capital development between the two professional institutions. BIBA is the world’s leading umbrella body of insurance intermediaries.

Conveying the admission after a special session with the Nigerian delegation to the 2014 BIBA Conference held in Manchester, United Kingdom, Lord Hunt, the chairman of BIBA, disclosed that through the synergy, the two professional bodies could now latch onto each other’s strength to grow insurance brokerage in their different jurisdictions.

Hunt, who was a former UK Science Minister, opined that the contemporary challenge of technology and global business had placed insurance business at the centre stage in the scheme of things, necessitating the dire need for strong international synergies across insurance professionals in the world.

He noted further that the world of insurance and pensions have become highly complicated and as a result made insurance brokers and similar intermediaries more relevant than they had ever been. 

Hunt said that the market basis between UK and Nigeria was similar in so many ways, hence the two climes must look unto each other for continuous guidance.