“Mind the gap”

I do not mean the “mind the gap” warnings you see at London train stations. We are talking insurance here. Insurance is like a relay race; where the scope of coverage of one policy ends, the scope of coverage of another begins. One policy’s exception is another’s insurable peril. Unfortunately, once some policyholders purchase a policy, […]

Need to increase third party property limit

For the past few weeks, we have been dwelling on motor insurance and why not? Beyond being compulsory, motor insurance is the most patronized insurance product in Nigeria. Today, we have reason to deal with another aspect of motor insurance. A few days ago, on my way to work, I saw a big lorry tilting […]

Insurance and Lagos traffic fines

The Lagos State Government recently announced fines for various traffic offences. Reactions to the fines have been divergent. I have strong views on the government action too, but today, we just want to look at the relationship between the fines and insurance. The first fine is for driving without a driver’s license. If the person […]

Double jeopardy

I was returning from the Nigerian Council of Registered Insurance Brokers Annual CEO Conference when we ran into traffic after the Redeemed Camp. Heavy traffic around that stretch of Lagos-Ibadan Expressway has become a common occurrence, so I prepared myself for the inevitable. A short while later I noticed billows of smoke on the other […]

Beware, Nigerians are getting better informed!

I have written a lot about the six compulsory insurances in Nigeria and will continue to draw attention to them. This is for good reasons. One, they are statutory, so those concerned need to have them in place. Two, they are meant to protect third parties against bodily injuries, death and property damage. If you go […]

VIOs, NIID and motor insurance certificates

In many states in Nigeria, including the Federal Capital Territory, Abuja, Vehicle Inspection Officers (VIOs) are ubiquitous. How they go about their task of inspecting vehicles and checking their road worthiness is a story for another day, but they do request for motor insurance certificates, which evidences the existence of motor insurance. I had reminded […]

Celebrations go with Third Party liabilities

I had my book presentation on May 5, 2019. While we were preparing the outer space for the red carpet and welcome cocktail, I told the hall decorators to remove the rug from a section of the floor. They did not have gum to stick the edges of the rug to the floor and I was […]

Enajemo-Isire: Round peg in a round hole

Last Monday the Minister of Labour and Productivity, Dr. Chris Ngige, inaugurated the Board of Nigeria Social Insurance Trust Fund with Prince Austin Enajemo-Isire, a seasoned chartered accountant, insurance practitioner and banker, as the chairman of the board. In theory NSITF carries enormous responsibilities, but the verdict of the jury out there on the performance […]

TPFT: The forgotten sibling

In theory, there are four types of motor insurances (Acts Only, Motor Third party, Third Party, Fire and Theft and Comprehensive), but in practice, only three are operative. Acts Only has been consigned to the dustbin of history for a long while now. The most common of the three operative motor insurances is Motor (Third […]

Motor claims procedure simplified

The traffic in Lagos has been hellish in the last few weeks. We were in the traffic the other day when a driver threatened to disfigure another driver’s face with blows if he hit his vehicle. And then I said to myself, if you disfigure his face, he will get you sued for assault and […]