Industry trade groups blame setback on poor ethical practice

The woes of the nation’s insurance industry, which has prevented it from taking its rightful place in the nation’s economy have been linked to relegation of ethical practice and unity among practitioners to pursue common goals that benefits the larger industry.

Reviewing the industry operations in the 70’s and 80’s, the operators noted that the players were united and cohesive on issues relating to market ethics and practices, making operational environment inclement for unethical players.

In a meeting held in Lagos between delegations of the Nigerian Council of Registered Insurance Brokers (NCRIB) and the Nigerian Insurers Association (NIA), the two bodies were of the view that the jettisoning of basic insurance principles had robbed the industry of its expected place in the nation’s economy.

Ayodapo Shoderu, president of the NCRIB, said insurance brokers and underwriters were like Siamese twins that must always work together for the progress of the industry.

He said that operators must eschew unethical practices that are inimical to professionalism in order for the industry to gain its lost grounds.

Gus Wiggle, chairman, NIA, noted that the two bodies needed to revive their technical joint committees where issues bordering on the operation of the two parties could be resolved to avoid public disgrace.