The Nigerian Council of Registered Insurance Brokers (NCRIB) has called on the Federal Government to enforce compulsory insurance requirements for government assets and critical infrastructure to protect public investments against potential losses.
The council warned that inadequate insurance coverage could expose public infrastructure to avoidable financial risks, particularly when damage or other insured events occur.
NCRIB President, Ekeoma Ezeibe, said recent recapitalisation in the insurance industry had strengthened insurers’ capacity to underwrite major infrastructure projects and complex risks, positioning the sector to play a greater role in Nigeria’s economic development.
He spoke ahead of the NCRIB National Insurance Brokers Conference and Exhibition, which is expected to bring together industry stakeholders to discuss developments in insurance and the sector’s contribution to economic growth.
Ezeibe said the new capital requirements introduced under the Nigerian Insurance Industry Reform Act 2025 would further enhance insurers’ ability to provide coverage for large-scale projects.
However, he stressed that effective reinsurance arrangements remained essential to help insurance companies manage risks beyond their individual underwriting capacity.
The NCRIB president also highlighted the role of insurance brokers in helping individuals, businesses and institutions identify appropriate policies, secure adequate coverage and understand the terms and conditions of their insurance contracts.
He noted that brokers had a responsibility to guide clients through the claims process, adding that the value of insurance depended not only on purchasing policies but also on receiving compensation when covered losses occurred.
Ezeibe urged members of the public to verify the registration and licensing status of insurance brokers before engaging their services, warning against dealing with unqualified practitioners.
He said prospective clients could confirm brokers’ credentials through the council’s website, ncrib.net, and the National Insurance Commission.
NCRIB Targets Wider Insurance Access Through Digital Initiative
Ezeibe disclosed that the council was pursuing a digital microinsurance initiative aimed at expanding insurance access, particularly among people underserved by conventional insurance products.
He said Ogun State had been selected as the pilot location for the programme, which is expected to use digital channels to make insurance services more accessible.
The council president also emphasised the importance of protection funds designed to safeguard policyholders and accident victims, describing such mechanisms as important to building public confidence in the insurance industry.
On professional accountability, Ezeibe highlighted the professional indemnity insurance requirements applicable to insurance brokers.
According to him, practitioners are expected to maintain professional indemnity cover of at least N100 million or 50 per cent of their previous year’s income, whichever is higher.
He said the requirement was intended to reinforce accountability and provide financial protection in the delivery of insurance brokerage services.
Ezeibe reiterated his call for the Federal Government and relevant authorities to ensure compliance with compulsory insurance provisions covering government assets.
He said effective enforcement would help reduce the financial consequences of damage to public infrastructure and strengthen insurance’s role in protecting government investments.
