Grapevine

Brokers contribute 70% of Nigeria’s insurance businesses – NAICOM boss

The Commissioner for Insurance, Olusegun Omosehin, has said over 70 per cent of insurance businesses recorded annually were contributed by insurance brokers.

Mr Omosehin, also the Chief Executive Officer (CEO) of the National Insurance Commission (NAICOM), said this in a statement made available on Friday in Lagos.

He was presenting the outcome of a courtesy visit by a delegation of the Nigerian Council of Registered Insurance Brokers (NCRIB) led by its President, Babatunde Oguntade, to the commissioner recently.

He said the visit underscored the pivotal place insurance brokers occupied in the nation’s insurance ecosystem.

According to him, this necessitated the commission’s intention to further strengthen and support its regulatory body so that it could effectively discharge its self-regulatory functions.