Belief systems inhibiting insurance penetration

Insurance penetration in Nigeria currently stands at 0.3 per cent. In other words, assuming we are 200 million people, only six million have any form of insurance and most of them are holders of the mandatory Motor (Third Party) Insurance. This puts Nigeria at about 34th position in Africa and 11th in West Africa! Even […]

Tech-induced pollution: Africa’s current and future challenge

The events, products and practices that would shape the future are already becoming evident. Many are with us already. The age of disruption is not helping matters either. Although the developed countries have peaked in some areas of sophistication, many developing countries are racing against time, seeking to have their fair share of technological breakthroughs […]

Loss Adjusters: “Wicked pros” of the insurance industry

Unlike underwriters and insurance brokers, who are ubiquitous, the insuring public never gets to meet loss adjusters. Some policy holders do not even know they exist. That is until they suffer a big or complex loss. Usually, insurance companies do not engage the services of loss adjusters in small or straight forward claims. They surface […]

Africa: from analysis to action (3)

History was made when African leaders met in Ethiopia’s capital city, Addis Ababa, in 2009 to try to resolve the youth unemployment crisis. The time span of 2009 to 2018 was declared the “African Youth Decade” and the leaders resolved to mobilise resources, including from the private sector for youth development. Within this past decade, […]

Group life insurance: For companies, clubs, associations

As the name implies, Group Life Insurance is a life insurance cover for a group of people, usually with a common denominator: employees of a company, members of a club or association, traders in a location, etc. In the past, group life insurance was taken mainly by companies for their employees. The company is the […]

Africa: from analysis to action (2)

When the ‘Brexiteers’  in the United Kingdom vigorously campaigned, argued and voted to leave the European Union (EU) recently, little did they realise that the road to that divorce was going to be long, winding and bumpy. The referendum of 23 June 2016 in which 52 per cent of those who voted supported withdrawal has […]

Occupiers’ liability insurance for owners, occupiers of public buildings

Two weeks ago, we treated Builders Liability Insurance. Like Builders Liability Insurance, Occupiers Liability Insurance is one of the six compulsory insurances, albeit lesser known than Motor (Third Party) Insurance. Like Builders Liability Insurance also, Occupiers Liability Insurance deals with buildings. But while the former deals with third party liabilities arising from buildings under construction, […]

Echoes from LAC AGM and investiture of new leadership

The Lagos Area Committee (LAC) of the Nigerian Council of Registered Insurance Brokers (NCRIB) had a change of leadership last Thursday when Mrs Bukola Ifemade, erstwhile vice chairman, became the ninth chairman of the LAC. She is also the third female member to assume that position. Her investiture was preceded by the 2018 annual general […]

Africa: from analysis to action

For nearly a year, various Afro-centric issues have been raised weekly on this medium by this author. Essentially, the attention drawn to them was neither meant to scare nor was it a literary virtuoso but a call for action. Although Africa has been a hotbed of crisis as a result of pockets of wars and […]