Nigeria: Brokers seek to expand retail business via takaful

Source: Middle East Insurance Review | Aug 2023

The Nigerian Council of Registered Insurance Brokers (NCRIB) has initiated moves to expand brokers’ retail business, by engaging operators in takaful and microinsurance.

The NCRIB, in the inaugural ‘Mid-Year Workshop’, brought experts from takaful and microinsurance companies to interact with brokers on how they can help increase insurance business in these branches, reported the newspaper, Nigerian Tribune.

At the workshop, which had the theme: ‘Exploring Huge Potentials of Takaful and Microinsurance’, NCRIB president Rotimi Edu, said, “The Nigerian Insurance Commission (NAICOM) has disclosed that it has planned programmes to promote the takaful and microinsurance. In my opinion, the best response by any insurance broker is to plug into the NAICOM planned programmes.”

Mr Edu said that the objective of the workshop was to educate participants on the essentials of takaful and microinsurance and the different products available. M

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