The Nigerian Council of Registered Insurance Brokers (NCRIB) has announced an exciting new initiative aimed at helping Nigerians understand and access insurance in 2025. They plan to collaborate with supermarkets, making it easier for shoppers to purchase insurance alongside their groceries.
Bàbàtunde Oguntade, who is the President of NCRIB, shared this news during a recent press event in Lagos. He highlighted that there’s a troubling lack of insurance coverage in Lagos, which has been a concern for many people in the industry. They want to change this by making insurance more accessible to everyone.
Oguntade explained that as part of a new plan called the New Market Agenda of Lagos State, customers will have the chance to insure items they buy at supermarkets. This initiative is particularly aimed at protecting larger possessions. He mentioned that this isn’t a completely new idea; some phone sellers already offer this kind of insurance when people buy their devices.
Reflecting on the current state of the insurance sector, Oguntade noted that recent events, such as explosions in Ibadan, have made people more aware of the need for insurance. He pointed out that many people don’t realize they can insure their belongings, even if they are worth two million Naira or less. This misbelief can make insurance seem like a luxury reserved for wealthier people.
Oguntade emphasized that one of their main goals is to raise awareness about insurance and help people make informed choices. He wants to be more involved in discussing business risks with people. For example, if someone mentions borrowing money to cover a risk, he can suggest that insurance might be a more affordable option compared to the high interest rates on loans.
He also shed light on a common misconception: many people think car insurance is expensive. While it can be around five percent of the car’s value, Oguntade encourages looking at insurance as a helpful financial tool rather than a burden, especially when compared to the costs associated with borrowing money.
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Additionally, Oguntade revealed that insurance companies can also provide loans to businesses. In 2025, they plan to strengthen partnerships with government agencies to ensure that a significant portion of the government budget supports the insurance industry.
Looking back at his achievements during his first year as NCRIB president, Oguntade shared ambitious plans, including a new building project for the council. They have begun construction on a five-floor building that will enhance their operations and create additional income for the council. This new space will not only improve their work environment but also reduce their reliance on membership fees.
Overall, the NCRIB is excited about its plans for 2025 and aims to make insurance a regular part of everyday life for Nigerians, starting with the shopping experience in supermarkets.
