Ewherido

A circular dated December 22, 2022, from the National Insurance Commission (NAICOM) increased the premium and limit of liability of various classes of motor insurance. Private motor third party limit was increased from N1 million to N3 million; own goods limit was increased to N5m; staff bus was increased to N3m; trucks/general cartage; special types […]

I read the story and watched the fire at a part of Balogun Market, Lagos, on Sunday. As I watched I saw the familiar sight in over 50 previous market fires: Shop owners with hands on their heads wailing. It has been the same problem over the years. They have no fire and special perils […]

We heard recently that the Lagos House of Assembly has proposed a bill that provides that every building in the state should be equipped with fire-fighting equipment such as “conventional fire extinguishers, smoke detectors, central fire alarm systems and, at least, two staircases for storey buildings. Buildings that are two storeys or more are to […]

One of the critical factors for the survival of an insurance company is adequate rating of risks it is bearing. In other words, the premium charged should be commensurate with the risk the insurance company is carrying. Sometimes the rate is regulated and the insurance companies are expected to charge the statutory rate. One of […]

The rains are late in coming this year, but now that they are here, they are relentless and ferocious. Friday, July 16, was particularly bad for motorists in Lagos. The full reports of the extent of damage were not out as at the time of writing, but many roads were submerged. Motorists on the Marina […]

In the last few years I have been in the forefront of the campaign to enlighten the insuring public about the benefits of Motor (Third Party) Insurance. The benefits are enormous. They include insurance cover for the policyholder’s legal liabilities for death and bodily injuries to third parties and third party property damage. While remedies […]

Itravelled from Benin to Lagos last weekend. That road is one of the busiest routes in Nigeria. With heavy traffic and sometimes reckless driving comes accidents. The first incident I noticed was a bus that was completely burnt. There is a high probability that it did not have a functional fire extinguisher, the first line […]

  No insurance company (underwriters) has any business being in business if it is not ready to settle claims. Claims settlement is one of the major reasons why insurance companies exist. Non-settlement of claims is also one of the major reasons why a few insurance companies in the Nigerian market are currently distressed. These companies […]

One of the sections of an insurance policy that the recent burnings and lootings threw up is the scope of cover of an insurance policy. Except for all-risk policies, where there is no scope of cover (the exclusions determine the extent of cover), most of other insurance policy documents have scope of cover. It details […]

Life and living are risky businesses. Every corner you turn, there are risks. Risks abound. In bed? A ceiling fan fell on someone lying on his bed and caused grievous bodily injuries. A woman was climbing down the staircase when she tripped and injured her hips. If the first victim had a personal accident insurance, […]