Illegal brokers handle governments’, corporate insurance services — NCRIB

THE Nigerian Council of Registered Insurance Brokers (NCRIB), has indicated that unregistered insurance brokers have broken into government and corporate insurance brokerage services, warning that such was fraught with dangers of fraud and loss of money.
The Council however, also said it was embarking on sensitization efforts to alert the public of this development and protect them from the adverse consequence.
The president, NCRIB, Mr. Kayode Okunoren, who gave this hint at a quarterly media briefing of the Council in Yaba, Lagos, noted that, though, there are instances where these unregistered brokers are handling businesses for companies and   government agencies, he stressed that, should there be a violation of the insurance contractual agreement, there will be nobody to hold these brokers accountable, meaning that, there is no guarantee on policies written through the unregistered brokers.
He said, his association is embarking on awareness campaign to let Nigerians know the benefits of underwriting their risks through the registered brokers, urging the public  to approach the association to confirm the status of any broker before engaging the service.
With increased level of awareness, he believes the unregistered brokers will go out of business.
He stated: “Dealing with registered brokers has a lot of advantages. As registered brokers, we do in-house check-up among ourselves to ensure that brokers meet their obligations as and when due and if anything goes wrong between the insuring public and a broker as it relates to a policy written through the registered brokers, the association will take up the matter and quickly address it.” he pointed out.