The brokers control more than 80% of the Nigerian insurance market

According to Kayode Okunoren, president of the Nigerian Council of Registered Insurance Brokers (NCRIB), Nigerian brokers control between 80% and 85% of the premiums written on the market in 2016.

K. Okunoren also indicated that NCRIB is currently working on the development of an electronic platform that will contain the list of licensed brokers. Only actors who meet the requirements of the supervisory authorities will be on that list.

The NCRIB president insisted on pointing out the problems faced by the profession, which he believes, is strained by bad reputation, an inadequate regulatory framework and challenges associated with data collection.

More news:

• The insurance industry in Nigeria