Finance | Insurance

Insurance Should Serve as a Tool for Financial Inclusion and Poverty Eradication - Tony Elumelu

Sep 30, 2022   •   by Somtochukwu Okobi   •   Source: WebTV   •   eye-icon 171 views

The Nigerian Council of Registered Insurance Brokers held its 60th-anniversary Colloquium & Public Presentation of The Diamond Anniversary Book and Compendium on September 29, 2022, in Lagos.


It had as keynote speaker Mr. Tony Elumelu, Chairman, Heirs Holdings Plc, who emphasized the need for insurance as a tool for financial inclusion, employment, and poverty eradication. 


He also listed the following areas as priorities:

  • The importance of closing the Insurance awareness gap to make it attractive.
  • The need for the Nigerian industry to embrace technology
  • The role Insurance plays in enabling people to think ahead to secure their future.
  • The need for the youth training 
  • The need for industry players to collaborate to redefine the brokerage profession so it is seen as a profession and not a profession workers venture into because of their inability to secure other jobs.
  • There is an increasing need for the government and private [i]sector to collaborate in the Insurance Industry.  

The business leader tasked the NCRIB and other insurance industry bodies to collaborate to deepen insurance penetration in Nigeria.


"Where there are differences on issues, such must be resolved as friends and colleagues to protect and preserve the industry's image. The NCRIB should also be key in government advocacy for pro-insurance laws and policies


Speaking further, Elumelu stressed the need to incentivize innovation across the industry.


He said, "The industry must also benchmark against global trends. Perhaps the starting point for innovation in the broking arm of the industry is retail insurance development".


On the outlook for the industry, he said it was high time the brokers community began to shift focus to retail because this is where the future of insurance lies in Nigeria. He believed brokers could lead in this area.

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