The President of the Nigerian Council of Registered Insurance Brokers (NCRIB), Ekeoma Ezeibe, has expressed strong confidence in the capacity of Nigeria’s insurance industry to underwrite and protect major infrastructure projects.
According to Ezeibe, this enhanced capacity stems from the industry’s recent capitalization exercise and the introduction of risk-based capital requirements under the Nigerian Insurance Industry Reform Act 2025.
She noted that these developments have significantly strengthened insurers’ financial standing, positioning the sector to play a critical role in financing and safeguarding critical national infrastructure.
Ezeibe made these remarks ahead of the NCRIB’s National Insurance Brokers Conference and Exhibition, where key stakeholders will evaluate the sector’s contributions to infrastructure financing and broader national development.
The conference, themed “Insurance Infrastructure Financing and National Development Agenda,” will focus on the pivotal role insurance brokers play in securing project investments and promoting economic growth.
Ezeibe explained that the industry’s expanded capital base significantly improves its ability to retain larger volumes of insurance business locally, while traditional reinsurance arrangements will continue to cushion risks exceeding domestic capacities.
“After the recapitalization exercise, we have the capacity. We have the technical know-how,” Ezeibe stated, highlighting the extensive expertise of Nigerian insurance professionals.
She emphasized that insurance is a global business where risks are routinely distributed across international markets through reinsurance. Placing portions of massive risks with international reinsurers, she noted, signifies a standard mechanism for spreading exposure rather than a weakness in the domestic market.
Ezeibe commended the National Insurance Commission (NAICOM) for successfully managing the recapitalization process under the new legal framework. She explained that the risk-based capital approach links insurers’ capital adequacy directly to the specific risks they underwrite, fostering responsible underwriting and compelling companies to operate strictly within their financial capabilities.
Highlighting consumer-protection measures under the Nigerian Insurance Industry Reform Act 2025, Ezeibe pointed to the creation of the Insurance Policyholders Protection Fund—designed to aid eligible policyholders with unpaid claims under specified scenarios—and the Accident Victims Protection Fund, which assists third-party victims of uninsured or unidentified vehicles.
Furthermore, she noted that the legal framework mandates insurance brokers to maintain professional indemnity cover of at least ₦100 million or 50% of their previous year’s income, whichever is higher, safeguarding clients against professional negligence or poor advisory outcomes.
Announcing plans to extend insurance access to underserved demographics, Ezeibe revealed that the council is developing a digital mobile application aimed at market traders, mechanics, and other small-scale operators in the informal sector.
She emphasized that affordable microinsurance will enable micro, small, and medium-sized enterprises (MSMEs) to recover swiftly from unexpected setbacks like fires and theft, integrating them securely into the national financial safety net. This digital push aligns with the NCRIB’s ongoing grassroots penetration campaigns, which launched in Ogun State and are slated for a wider national rollout in cooperation with state governments.
Ezeibe strongly advocated for the stricter enforcement of compulsory insurance policies covering government assets, noting that protecting public infrastructure is indispensable to national economic resilience. She argued that integrating insurance into the planning of transport systems, power plants, and ports will shield the government and the wider economy from devastating financial shocks.
Addressing the menace of illegal operators, she urged the public to verify practitioner credentials through the official NCRIB directory (www.ncrib.net) or NAICOM records before engaging their services, warning that unauthorized brokering remains a punishable offense.
The forthcoming conference will feature a keynote address by a former Commissioner for Insurance and the Waziri of Bauchi, HRH Alhaji Mohammed Kari, alongside insights from other prominent industry leaders.
