NCRIB seeks govt support for insurance awareness, tax relief
L-R: Consultant, Family Physician, Dr. Abosede Adegbite; Executive Secretary/CEO, The Nigerian Council of Registered Insurance Brokers, Mr. Tope Adaramola; Deputy President, Mrs. Ekeoma Ezeibe; President, Prince Babatunde Oguntade; Managing Director, SanlamAllianz Life Nigeria, Mr. Tunde Mimiko; Managing Director, SanlamAllianz General, Mr. Yomi Onifade and Managing Director, First Standard Insurance Brokers Limited, Dr. Adetayo Akintunde John-Fishers at the 2025 NCRIB Empowerment Series held in Lagos
The President of the Nigerian Council of Registered Insurance Brokers (NCRIB), Prince Babatunde Oguntade, has called on the Federal Government to launch a nationwide insurance awareness campaign to educate Nigerians on the importance of insurance in managing risk and promoting economic stability.
Speaking at the 2025 Empowerment Series of the NCRIB, Prince Oguntade highlighted the low insurance penetration rate in Nigeria, noting that many Nigerians remain unaware of the benefits of insurance.
He urged the government to take proactive steps to address this challenge and promote the growth and development of the insurance industry.
The NCRIB President also urged the government to consider the impact of taxation on insurance penetration and the overall growth of the industry. He proposed that the government provides tax incentives for insurance companies that invest in rural areas or offer innovative insurance products that cater to the needs of underserved communities.
Prince Oguntade’s call for a nationwide insurance awareness campaign comes at a critical time when the Nigerian insurance industry is facing significant challenges. The industry’s growth and development are crucial to the country’s economic stability, and the government has a vital role to play in promoting its growth.
The NCRIB President’s proposals are expected to stimulate discussion and debate among industry stakeholders, policymakers, and government officials. As the government considers ways to promote the growth and development of the insurance industry, the NCRIB’s proposals are likely to be given serious consideration.
The event, which was sponsored by SanlamAllianz Nigeria, featured two guest speakers who shared their expertise on insurance pitching and hepatitis.
