Nigeria’s insurance sector now more financially equipped –AfriGlobal

By Perpetua Egesimba and Uchime Ifechukwu

The Managing Director and Chief Executive Officer of AfriGlobal Insurance Brokers Limited, Mr. Casmir Azubuike, has said that Nigeria’s  insurance sector is now more financially equipped than ever to take up any claims that could arise.

Azubuike stated this in Lagos last week when the company unveiled its new corporate brand, disclosing that it started initially as a subsidiary of former Afribank Insurance Brokers Co. Limited, and later, Mainstreet Bank Insurance Brokers Co. Limited and also a subsidiary of Skye Bank and now independent as AfriGlobal Insurance Brokers Limited.

According to him, the directive of the Central Bank of Nigeria (CBN) to all banks, to divest from their non-banking subsidiaries led to the company’s divestment from Skye Bank. He noted that the insurance sector in Nigeria is growing everyday and very stable.

“You and I know that in the past, the insurance sector used to be branded as not being able to settle claims but that is no longer the story today.  That was in the days when insurance companies were capitalised to the tune of N5 million or N10 million. Today, we have insurance companies capitalised to the tune of N10 billion almost ranking the same with banks.”

Azubuike further stated that the journey of the company has been very painstaking and rewarding, stating that it prides to be among the top five insurance brokers in Nigeria, a position it has maintained to date.  

He reinstated that the business of insurance brokerage is a professional business, stressing that one cannot be an insurance broker if he or she is not a professional to the core.

“We are expected by the nature of our business to even know and understand insurance better than insurance underwriters themselves because we give them the business and we checkmate them where they are getting it wrong.”

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