Kaduna has hijacked third party insurance business – NCRIB

By Usman Ibn A. Lapai


The Nigerian Council of Registered Insurance Brokers (NCRIB), Kaduna state chapter has accused the state government of hijacking the third party insurance business in the state, saying the National Insurance Commission (NAICOM) is not happy with the development as it is capable of killing insurance business.
The insurance industry regulatory body (NAICOM) had cautioned that underwriters and brokers should be given level playing ground to seek clients for their organisations instead of what is obtainable in some states where governments force clients to underwriters and brokers chosen by them.
This assertion was made by the chairman of NCRIB, Kaduna state chapter, Mr. Vincent Akinbami, who specifically indicted the state government of hijacking the third party insurance business in the state during an interview with newsmen at the weekend.
“NAICOM is against this type of practice, hence the commission is working out modalities to putting a stop to such, as it is on recordthat some states are practicing same,” Akinbami explained.
Speaking further, he said “what Kaduna and some states are doing is wrong. Why should they hijack insurance business?”
He added that compulsory insurance policies which includes, third party motor insurance, builders’ liability insurance, occupiers liability insurance, healthcare professional indemnity and statutory group life insurance, should strictly be left for underwriters and brokers to scout for their clients.
The NCRIB boss, who frowned at the development, lauded the efforts of the NAICOM Commissioner, Alhaji Mohammed Kyari for making the compulsory insurance policies a generally accepted norm and appealed to players in the industry to assist the commissioner in achieving success.

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