Nigerian Council Calls for Insurance on Government Infrastructure

The Nigerian Council of Registered Insurance Brokers (NCRIB) is urging the Federal Government to make insurance mandatory for government assets and critical infrastructure. They warn that without proper coverage, public investments could face unnecessary risks and financial losses.

During a recent statement, NCRIB President Ekeoma Ezeibe noted that the recapitalization of insurance companies has improved their ability to handle major infrastructure projects and complex risks. This enhancement is seen as vital for supporting Nigeria’s economic growth.

Ezeibe spoke ahead of the NCRIB National Insurance Brokers Conference and Exhibition, which will gather industry experts to discuss the insurance sector’s role in economic development. He mentioned that new capital requirements from the Nigerian Insurance Industry Reform Act 2025 would further boost insurers’ capacity to cover large projects.

The NCRIB president emphasized the need for insurance brokers to help clients find the right policies, ensure they have enough coverage, and understand their insurance contracts. He pointed out that the effectiveness of insurance depends not just on buying a policy but also on the ability to receive compensation when losses occur.

He also encouraged the public to check the registration and licenses of insurance brokers to avoid unqualified operators. The public can verify brokers’ status through the NCRIB website, ncrib.net, or the National Insurance Commission.

Additionally, Ezeibe announced a digital microinsurance initiative aimed at increasing insurance access for underserved communities, starting in Ogun State. He highlighted the importance of protection funds to build trust in the insurance industry and mentioned professional indemnity requirements for brokers to ensure accountability.

He reiterated the need for the government to enforce compulsory insurance for public infrastructure to protect against potential losses, which would ultimately safeguard government investments.