We should start by addressing the existence of the NCRIB (Nigerian Council of Registered Insurance Brokers) and comprehend that the system is regulated through this association. This is a very important instrument for us because it assists us in the process of making an educated choice and access information that we would otherwise need a lot more time to research.
To persevere in any business we must remember the key of any security, which is insurance. This business thrives in supporting the multiple faces any economy needs to have. Insurance brokers in Nigeria and their bases cannot be different. The media has expressed the NCRIB wish to redefine their roles towards the attainment of the Financial Sector Strategy goals. The levels at which Nigeria wishes to grow rely heavily on these projected objectives in order to achieve a new stability.
The main problem in Nigeria, is the lack of awareness about what insurance can actually do for you and thus, brokers need to start with the basics, instead of focusing on developing a safer strategy. This is changing, of course, along with many things due to globalization, but it can still be considered a rather resilient issue. Confidence is another of the problems that Nigeria faces when it comes to brokers, because many use this lack of knowledge about insurance to collect money from unaware clients and this leads most people to believe that insurance is nothing but a way to scam people of their money. Nigeria has suffered a climate of instability that has affected the insurance business and the ability the people to deliberately learn what they can gain from it.
Modern times are pushing for modern methods and there are plenty insurance brokers who are legitimate and can help you manage risk and protect your property. Most of these can be found through agencies like NAICOM and the NCRIB and the companies that have been established and have a reputation to maintain.
Despite the lack of awareness, in Nigeria, a very large percentage of the insurance business is handled by insurance brokers. Recently, many South African companies have been coming to Nigeria and settling. This is a factor that is helping develop both the industry and the economy, because these companies are bringing innovations into the market, which Nigerian insurance brokers are evaluating and adding to their personal and business development.
Nowadays, Nigerian Insurance Companies are definitely here to stay and Insurance Brokers in Nigeria are becoming more and more needed and they are beginning to understand what they need to do in order to better assess the necessities of the people and to break this idea of insurance not being necessary or it being nothing but a scam. In the end, and thanks to the evolution of this field, integrity and honesty are definitely being the constant among Insurance Brokers in Nigeria and this is the main reason why the percentage of people buying insurance packages and remaining safe will only continue to grow.