NCRIB urges insurance brokers to tap infrastructure growth

The Nigerian Council of Registered Insurance Brokers (NCRIB) is calling on its members to seize the moment and become central players in the nation's rapidly evolving industrial and economic landscape. Recent government reforms, including the unification of the foreign exchange market and the removal of fuel subsidies, have not only stabilized the economy but have also unlocked significant capital inflows and spurred unprecedented infrastructure development. This dynamic environment presents a fertile ground for the insurance sector to expand its reach and impact.

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Government reforms are unlocking value… Q1 2026 saw 41 per cent growth in capital inflows year-on-year. Insurance is now an economic infrastructure. These reforms create insurable assets at scale.

As President and Chairman of Council Ekeoma Ezeibe articulated at the NCRIB Members’ Evening, the traditional perception of insurance must transform to align with these national milestones. Insurance is no longer just a safety net; it is now an integral part of the economic infrastructure. The scale of new projects, such as the ambitious Lagos-Calabar Coastal Highway and the Presidential CNG Initiative, demands robust insurance solutions, including Builders' Liability, Motor, and Group Life covers. This formalization of the economy is creating specialized career paths and opportunities that were previously underutilized, positioning insurance professionals at the forefront of value creation.

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New roads need builders’ Liability; CNG fleets need Motor and GIT covers; Formalising SMEs need Group Life and Assets All Risk. Our job is to be present where value is created. The headwinds are easing.

Universal Insurance Plc, through its Managing Director/CEO Japhet Duru, has reassured the brokerage community of the industry's growing capacity to underwrite these large-scale risks. Duru emphasized that while recapitalization is important, the true measure of success lies in operational efficiency and strong partnerships with brokers. Universal Insurance has focused on streamlining internal processes to ensure a seamless claims experience for new infrastructure business. This collaborative approach, where brokers are viewed as partners in progress rather than mere intermediaries, is crucial for harnessing the full potential of the current economic climate and solidifying insurance's role in national development.

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We are putting in place all necessary documentation to commence our Rights issue and private placement processes. We will be faced with the challenge of refunding some funds at the end of the exercise because we have already got more than enough commitment from our shareholders.