NAICOM, NCRIB Agree to Advance Insurance Industry
By Patience Ikpeme
The National Insurance Commission (NAICOM) and the Nigerian Council of Registered Insurance Brokers (NCRIB) have reached a consensus on several critical areas requiring joint attention to propel the insurance industry forward.
The agreement was finalized in Abuja during a courtesy visit by the newly elected NCRIB President, Mrs. Ekeoma Ezeibe, and members of her Governing Council to the Commission’s headquarters.
The discussions centered on five core pillars for industry improvement. The Commissioner for Insurance, Mr. Olusegun Ayo Omosehin, set a clear expectation for the brokerage profession, stating that it “must continue to uphold its respected identity as professional advisers, not intermediaries perceived merely in transactional terms.” He spoke to the necessity of building and sustaining trust and professionalism at every level of practice.
Both parties made improving communication and documentation standards a top concern. This includes timely updates across the insurance value chain, as it was noted that insufficient documentation frequently leads to preventable disputes, particularly concerning claims settlements.
NAICOM’s leadership voiced strong backing for the President’s agenda to widen opportunities for women in the sector and to provide mentorship to younger practitioners entering the field.
Alignment with NIIRA 2025 Continuous partnership was acknowledged as vital for the successful execution of the National Insurance Industry Reform Agenda (NIIRA 2025). Mr. Omosehin pointed out the essential role of brokers in driving financial inclusion, fostering market trust, and educating consumers.
The meeting stressed the importance of cohesive messaging and public awareness campaigns. The goal is to ensure Nigerians grasp the intrinsic value of insurance beyond merely fulfilling a legal requirement.
The regulatory and professional bodies committed to a defined set of action points to institutionalize their collaboration.
These actions include establishing a NAICOM–NCRIB Joint Working Group to collaboratively address market conduct issues and ensure compliance, and expanding training and programmes for brokers with a focus on ethics, proper documentation, digital literacy, and client communication.
Furthermore, both bodies will intensify public awareness initiatives, especially for compulsory insurance classes and clarifying the professional role of brokers. Finally, they committed to scheduling regular meetings between NAICOM and NCRIB leadership to track progress, ensure early issue resolution, and maintain transparency.
Mr. Omosehin assured Mrs. Ezeibe of the Commission’s ongoing support, concluding that “stronger partnerships will help deliver a more trusted, professional, and inclusive insurance market for Nigerians.”
This engagement marked Mrs. Ezeibe’s first official visit to NAICOM following her formal investiture as the 17th President and the third female leader of the Council. The meeting served to reinforce existing ties, review ongoing reforms, and align priorities under NIIRA 2025.
In his remarks, Commissioner Omosehin conveyed the Commission’s sentiment, stating, “We truly value the relationship between NAICOM and NCRIB.” He added, “As we continue to implement NIIRA 2025, we see the brokerage community as a critical partner in promoting market discipline, driving professionalism, and rebuilding the confidence of Nigerians in the insurance sector. We look forward to a productive and fulfilling collaboration under your leadership.”
The NCRIB President, Mrs. Ezeibe, laid out her administration’s agenda, which includes concentrating strongly on strengthening the compliance culture among brokers, improving documentation and communication processes, enhancing the professional image of the brokerage subsector, and promoting continuous training, mentorship, and capacity-building—especially for women and young professionals.
Addressing past concerns, Mrs. Ezeibe clarified that many of the historical compliance issues were often administrative oversights rather than acts of negligence. She committed the new leadership to rectifying these gaps and deepening engagement with NAICOM to foster clarity and shared understanding across the market.
