From left: Nigerian Council of Registered Insurance Brokers, Lagos Area Committee, Chairman, Ademola Olutusin; Deputy President of NCRIB, Tunde Oguntade; Past President of NCRIBand MD/CEO Scib Insurance Brokers Limited, Shola Tinubu, presenting an award plague to the Managing Director of Coronation Insurance PLC, Olamide Olajolo at the event held today in Lagos.
Adeleye Olayemi—The Managing Director of Coronation Insurance Plc, Olamide Olajolo, on Thursday said that 50 percent of its business are generated by insurance brokers.
He made this disclosure at the Lagos Nigerian Council of Registered Insurance Brokers (NCRIB) 2023 September general meeting which was sponsored by the underwriting firm and tagged , “Taxation in the new dispensation as it affects insurance broking in Nigeria”, that its partnership with the brokers has yielded a remarkable growth.
He said that the firm is committed to further strengthening these partnerships.
Olamide emphasized Coronation’s commitment to strong corporate governance, risk management, and regulatory compliance.
According to him, the company’s well-established policies guide their operations, ensuring fairness.
Speaking on the firm’s performance , he noted that Coronation Insurance successfully completed its recapitalization, boasting combined assets of N43billion for both Coronation Life and Coronation Insurance.
He said that Shareholders’ funds for both companies amount to approximately N26 billion, exceeding regulatory requirements.
He said the company aims for a minimum 25% year-on-year growth and is actively investing in technology infrastructure and digital platforms to streamline customer experiences and provide efficient services.
Olamide expressed the company’s ambition to become fully digital and settle claims within a maximum of 48 hours.
Acknowledging the rise of Insuretech and web aggregators, Olamide stressed the importance of staying current with industry trends and customer expectations to remain competitive.