The new President of the Nigerian Council of Registered Insurance Brokers, Mrs. Laide Osijo, has been urged to strengthen unity among the major sub- sectors that constitute the insurance industry. The call was made during her investiture on Friday night in Lagos.

Chairman of the occasion, Prof. Joe Irukwu, said all the bodies in the insurance sector must stop seeing each other as competitors but complement each other in their efforts at making the industry more attractive. While advising Osijo to pay attention to the industry’s unity, he said, “I urge you to make efforts that will foster cooperation in our industry. We need to see that the unity that has eluded us is restored.”

Irukwu, who is the chairman, committee on Insurance Law Review, also expressed worry that some of the industry’s professionals were not doing business professionally, saying they were charging inappropriate rates on policies. According to him, this practice, which is popularly known as rate cutting, has become a way of life for many operators, but a bottleneck to the sector’s progress.

While some operators tried to charge appropriate rates, he observed that others often went back to clients to offer ridiculously low rates in order to secure jobs. He said, “With your new leadership in the sector, you should ensure that there is a stronger and more disciplined insurance industry.” He also lamented the loss of the workmen compensation policy to the Nigerian Social Insurance Trust Fund.

Irukwu said, “The industry did not make a strong case on time to prevent the loss of the policy to another institution, if we have a better relationship with government and law making organs, we would have been able to persuade the government and prevent such loss.”

The Guest Speaker on the occasion, Senator Oluremi Tinubu, stressed the relevance of insurance in protecting lives and properties in any society. She observed that the country still had a long way to go in empowering women. Tinubu said, “Women must begin to support themselves through education and empowerment. Women in power must also ensure that they make excellence and integrity their watchword.”

Osijo however, pledged to work with stakeholders to create a better image and move the sector forward. She said, “We shall become more proactive on issues affecting our practice by reaching out to all notable institutions whose actions or inactions may affect us. We shall also improve on the industry’s relationship between the council and other arms of the industry such as the Chartered Insurance Institute of Nigeria, the Nigerian Insurers Association, the Institute of Loss Adjusters of Nigeria and the National Insurance Commission.”