….Applaud Oyo government over response to fire victims

The Nigerian Council of Registered Insurance Brokers (NCRIB) has underscored the pivotal role of insurance in disaster management in the country. However, it bemoaned the fire disaster that ravaged Akesan Market (Oja Akesan), in Oyo town, where properties worth millions of naira were destroyed.

But the council expressed gratitude to the state’s Governor, Seyi Makinde, for his promise to bring succor to the victims of the incident, as well as provide firefighting equipment to forestall a repeat of such ugly incidents

NCRIB President, Dr. Bola Onigbogi, who spoke to The Guardian, over the weekend, decried the spate of incessant fire disasters in the country, noting that such occurrences were preventable by government than those often concerned.

According to her, risks are part of the inevitable circumstances of life, which effect could be better managed by engaging insurance as it is practiced in advance countries of the world. However, she noted that to maximise the value of insurance, the best option for existing and potential clients was to engage the services of insurance brokers.

According to her, the brokers are in the position to advise clients on best possible type and rate of insurance, as well as assist them to make their claims when a loss occurs. She called on the government to always embrace insurance for effective prudential management and to assist the citizens by shifting the burden of compensation to insurers when loses occur to them, against the government’s attitude of giving succor to the victims, which in most cases, may be inadequate.

Journal

NCRIB woos traffic volunteers with accident cover

The Nigerian Council of Registered Insurance Brokers (NCRIB) has concluded a plan to offer group personal accident cover for 15 selected traffic volunteers.

The compensation, in the case of death, is N1million.

The president of the Council, Dr. Bola Onigbogi, said this when conferring the brand ambassador awards on selected traffic volunteers at the 2020 National Insurance Brokers Conference and Exhibition in Lagos.

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nigbogi, who applauded the traffic volunteers for being unsung heroes by helping to solve the perennial traffic situation in Lagos, advised Nigerians to take volunteerism as a way of solving social problems.

She said the council had carefully considered the efforts of traffic volunteers and their impact on traffic management, especially in Lagos.

Onigbogi presented the policy document to the volunteers at the event.

Speaking on the themed, ‘Rebuilding institutions post COVID-19’, the Chief Executive, British Insurance Brokers Association, Steve White, noted that the effect of COVID-19 would be severely felt in retail and real estate sector.

According to him, businesses may be impacted by lower demand and run the risk of over-stocking that could persist until production reduces or demand picks.

He added that customers were likely to delay payments to save cash while suppliers would be desperate to be paid for ordered goods.

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