• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
Nairametrics
No Result
View All Result
Home Business News

NCRIB: Retail insurance is the future in Nigeria – Tony Elumelu

Cees Harmon by Cees Harmon
September 30, 2022
in Business News
Tony Elumelumarkshis 60th birthday celebration with African Entrepreneurs.

Tony Elumelu

Share on FacebookShare on TwitterShare on Linkedin

The chairman, of Heirs Holdings, Tony Elumelu has said that retail insurance is where the future is in Nigeria. He said this at the Colloquium marking the 60th anniversary of the Nigerian Council of Registered Insurance Brokers (NCRIB) in Lagos, on Thursday, September 29. 

Elumelu urged stakeholders to introduce simple and smart insurance to Nigerians, especially now that there is a widening poverty gap in the country.  

He says; “It is high time the brokers community began to shift focus to retail because this is where the future of insurance lies in Nigeria. Brokers have the capacity to lead in this area.  

RelatedStories

Nigeria, Saudi Arabia forge stronger ties on export credit, insurance, and market access 

Nigeria, Saudi Arabia forge stronger ties on export credit, insurance, and market access 

December 25, 2024
Cubecover

Why many Nigerians don’t have insurance coverage–Report  

November 29, 2024

“Ladies and gentlemen, innovation and disruptive practices cannot occur if we do not broaden our thinking 

“Trying to make profits from existing lines is not going to deepen insurance penetration, rather we must look at the blue ocean opportunities.” 

Elumelu emphasized the importance of insurance in Nigeria. He said collaboration with non-industry practitioners will help achieve set goals. 

According to him, through insurance, families, businesses, and assets are protected against hazards and losses. So, the economy is as advanced as its insurance sector. 

In order to achieve widespread retail insurance in Nigeria, Elumelu said there must be adequate awareness, which showcases the value of insurance to the public, promoting participation, especially in the retail space. 

He asked stakeholders to bridge the insurance knowledge gap if they are to make insurance attractive to Nigerians.
 

What NCRIB needs to focus on  

While commending the NCRIB for its massive contributions to the growth of corporate insurance in the country, Elumelu said the body needs to do more work in the following areas; 

NCRIB needs to advocate for pro-insurance laws, corporate governance, excellent service, and innovation, for the benefit of Nigerians, especially future generations.  

NCRIB should work on the recapitalization of the brokerage industry in Nigeria. Elumelu recommends a minimum of N50 million as a capital base.  

NCRIB should lead the war against unethical practices in the industry, like premium rate cutting, delayed premium remittance, unremitted premium, overloading of premium, returned premium, fake documents, fraudulent claims, collusion to defraud, mis-spelling, unhealthy competition, misrepresentations, manipulation of policy conditions, self-enrichment methods disguised as marketing expenses, etc.  

NCRIB needs to work towards positioning its members properly for digital integration, mediating between the insuring public and the underwriters digitally.  

 

In conclusion, Elumelu talked about the urgency to develop the next generation of talent to serve the Nigerian insurance industry. He advised the broker community to rally and become the hub for the education and training of youths to get qualified talent for the next phase of the industry. 

“In those days when I was in university, what drove me to want to join banking? It was the profile of bankers, sharp suits, nice cars.  

“It’s funny now that I think about it, but little things on how the people that worked in banking looked made me aspire to the banking profession. 

“We need to raise the profile of our insurance professionals, make it attractive for the younger generation,” he says.  

 

What you should know  

  • Insurance remains a viable tool for financial inclusion in every country and Nigeria cannot be an exception. 
  • Tony Elumelu also operates Heirs Life Assurance, Heirs Insurance Brokers, and Heirs Insurance Limited, 
  • NCRIB has the ability to partner with others to support the financial inclusion drive in Nigeria. 

 

Tags: ElumeluinsuranceMr. Tony O. ElumeluNCRIB
Cees Harmon

Cees Harmon

Related Posts

Nigeria, Saudi Arabia forge stronger ties on export credit, insurance, and market access 
Economy

Nigeria, Saudi Arabia forge stronger ties on export credit, insurance, and market access 

December 25, 2024
Cubecover
Financial Services

Why many Nigerians don’t have insurance coverage–Report  

November 29, 2024
Why Vehicle Owners Need NEM’s Enhanced Third-Party Insurance
Corporate Updates

Why Vehicle Owners Need NEM’s Enhanced Third-Party Insurance

November 29, 2024
Follow the money
Digital Media

Insurance Stocks To Buy

November 29, 2024
United Bank for Africa Plc appoints Emmanuel Nnorom as non-executive director
Appointments

United Bank for Africa Plc appoints Emmanuel Nnorom as non-executive director

May 24, 2024
Insurance, Coronation
Corporate Updates

Insurance Claims – Delivering in the moment of truth

May 2, 2024
Next Post
62 legal practitioners elevated to the rank of Senior Advocates of Nigeria, see full list

62 legal practitioners elevated to the rank of Senior Advocates of Nigeria, see full list

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

first bank








DUNS

Recent News

  • President Tinubu renames University of Maiduguri to Muhammadu Buhari University 
  • Telecom operators raise alarm over rising vandalism threatening Nigeria’s digital economy 
  • Alleged $12 Million Money Laundering: EFCC Witness testifies against SunTrust Bank MD, Executive Director 

Follow us on social media:

Recent News

FG Promissory Notes rise to N1.65 trillion, up 114% in one year under Tinubu 

President Tinubu renames University of Maiduguri to Muhammadu Buhari University 

July 18, 2025
Telecom

Telecom operators raise alarm over rising vandalism threatening Nigeria’s digital economy 

July 18, 2025
  • iOS App
  • Android App
  • Contact Us
  • Home
  • Markets
  • Sectors
  • Economy
  • Business News
  • Financial Literacy
  • Disclaimer
  • Ads Disclaimer
  • Copyright Infringement

© 2025 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Social Media Auto Publish Powered By : XYZScripts.com
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Login
  • Sign Up

© 2025 Nairametrics