Categories: Business and Banking

NCRIB set to publish gross premium generated by brokers annually

The President, Nigerian Council of Registered Insurance Brokers, Mr Shola Tinubu, says the council will take appropriate steps to ensure that the gross premium generated by brokers is published annually.

Tinubu, who made this known on Wednesday at a media parley in Lagos, said that the publication would start in 2019.
He said that the council have rough data for commission, but lacked data for gross premium generated by the brokers annually.
The News Agency of Nigeria (NAN) reports that the brokers’ gross premium is the total income on businesses attracted by brokers to insurance industry annually.
The NCRIB president said it was a challenge that the council would rise up to, adding that it should be able to submit what the brokers’ generated annually to the table.

“I think it is a challenge we can overcome, starting from next year,” he said.
Tinubu, however, said that the volume of business written by insurance companies grew to N363 billion in 2017 from N315.96 billion in 2016.
According to him, but the amount generated by brokers cannot be ascertained due to paucity of data.
“Investigations revealed that underwriters paid over N33.6 billion to brokers and agents as commission for premium generated in 2016.

“Leadway Assurance Ltd. paid about N4 billion commission; FBN Insurance Ltd. paid N1.93 billion; AIICO Insurance paid N1.80 billion; NEM Insurance paid N1.80 billion and Axa Mansard Insurance paid N1.49 billion.
“Others are: Custodian & Allied Insurance, N1.37 billion; WAPIC Insurance paid N1.30 billion and Zenith Insurance Company Ltd. paid N1.09 billion, among others.
“As we see in 2016, the commission were paid to brokers and agents, not brokers alone; so, we cannot deduced the annual broker’s gross premium from the commissions,” he said.

Tinubu said that the council would henceforth keep track on necessary data in order to know the exact brokers’gross premium annually to enable the council to deliver on its promise.

NCRIB set to publish gross premium generated by brokers annually was last modified: August 22nd, 2018 by Francis Belux
Francis Belux

Published by
Francis Belux
Tags: Brokersinsurance

Recent Posts

NDE begins training of 1,150 youths on vocational skills in Jigawa

No fewer than 1,150 youths, including 700 women in Jigawa have commenced a three-month training on various vocational skills, organised…

14 hours ago

Abia: Ikpeazu seeks collaboration with police against street cultism

Gov. Okezie Ikpeazu of Abia has solicited for the support of the Nigerian Police Force in curbing street cultism in the…

14 hours ago

2019: NPM governorship candidate pledges to revive education in Oyo State

The New Progressive Movement (NPM) governorship candidate in Oyo State, Edward Ladoye, has pledged to revive the falling standard of…

14 hours ago

NSCDC urges schools to verify status of private security agencies before engagement

Mr Abdullahi Muhammadu, Commandant-General, Nigeria Security and Civil Defence Corps(NSCDC), on Tuesday, urged management of educational institutions to verify the…

14 hours ago

735,705 PVCs still uncollected in Oyo–INEC

Mr Mutiu Agboke, the Resident Electoral Commissioner(REC) in Oyo State, says 735, 705 Permanent Voter Cards (PVCs) remain uncollected in…

14 hours ago

Niger spends N1.8bn on tertiary institutions in 3 years — Commissioner

The Niger Government says it has expended N1.8 billion on state-owned tertiary institutions in the past three years. The Commissioner…

15 hours ago