NCRIB urges FG to insure critical infrastructure

The Nigerian Council of Registered Insurance Brokers (NCRIB) has urged the Federal Government to enforce compulsory insurance for government assets and critical infrastructure, warning that inadequate coverage could expose public investments to avoidable risks and financial losses.

The Council President, Ekeoma Ezeibe, said the recapitalisation of insurance companies has strengthened the industry’s capacity to underwrite major infrastructure projects and other complex risks, improving its ability to support Nigeria’s economic development.

He spoke ahead of the NCRIB National Insurance Brokers Conference and Exhibition, which is expected to bring together industry stakeholders to examine developments in the insurance sector and its contribution to economic growth.

Ezeibe said the new capital requirements introduced under the Nigerian Insurance Industry Reform Act 2025 would further strengthen insurers’ capacity to cover large-scale projects, while effective reinsurance arrangements remained necessary to manage risks beyond individual companies’ capacity.

He stressed that insurance brokers must help clients identify appropriate policies, obtain adequate coverage, and understand the terms and conditions of their insurance contracts.

He added that brokers also play a critical role in ensuring claims are handled effectively, noting that insurance value depends not only on policy purchases but also on policyholders’ ability to receive compensation when insured losses occur.

The NCRIB president urged the public to verify insurance brokers’ registration and licences before using their services to avoid dealing with unqualified operators.

He said the public could confirm brokers’ status through the council’s website, ncrib.net, and the National Insurance Commission.

Ezeibe also said the council was pursuing a digital microinsurance initiative to expand insurance access, particularly for people underserved by conventional insurance products.

He said Ogun State was selected as the pilot location for the initiative, which is expected to expand access to insurance services through digital channels.

The council president further highlighted the importance of protection funds designed to safeguard policyholders and accident victims, saying such mechanisms were necessary to strengthen confidence in the insurance industry.

He also highlighted the professional indemnity requirements for insurance brokers, explaining that practitioners were expected to maintain cover of at least N100m or 50 per cent of their previous year’s income, whichever was higher.

He said the requirement underscored the importance of professional accountability and financial protection in delivering brokerage services.

Ezeibe called on the Federal Government and relevant authorities to ensure compliance with compulsory insurance provisions covering government assets, stressing that public infrastructure should be adequately protected against potential losses.

He said stronger enforcement would reduce the financial impact of damage to public assets and reinforce insurance’s role in protecting government investments.

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