Insurance penetration in Nigeria and the Canadian example

Insurance practitioners in Nigeria have always been firm and uniform on the need to increase insurance penetration in Nigeria. But there are divergent views on whether or not the strict enforcement of the compulsory insurances should be a major tool to increase the penetration. A school of thought feels that relying on compulsion to increase […]

On interstate travel ban and Motor Insurance

An insurance professional colleague, Anayo Nwosu, raised a very important issue on our professional insurance platform recently. He asked what will happen if the vehicles currently travelling interstate, in spite of the interstate ban on movement by the government, were to be involved in an accident? I thought I should escalate it so that the […]

The rains are here! Insurance can cut your losses

In virtually every part of Lagos, it rained continuously from last Wednesday morning to Thursday evening. I knew Lagosians were in trouble by Wednesday afternoon. I had gone to Maryland in Lagos. On my way back, portions of Ikorodu Road, especially between Maryland and Anthony, had become a river. It was impossible for saloon cars […]

Relevant insurances for haulage business

The kingship of the customer has long been established. The VUCA (volatile, uncertain, complex, ambiguous) environment we currently operate in has further entrenched the kingship, but even kings have advisers, who give them counsel, which can be accepted or jettisoned. That is why I am offering this advice to companies that are into haulage. They […]

No limit to number of life insurance policies

Recently, a friend informed me that they wanted to do a group life insurance policy for their association, but a member interjected that it is not possible because some of them already have life insurance policies. I quickly corrected him that it is possible to have multiple life insurance policies. We shall come back to […]

On travel, health insurances and COVID-19

The federal government ordered the decontamination of the Murtala Mohammed International Airport, Lagos, and The Nnamdi Azikiwe International Airport, Abuja, over two weeks ago. Even though there is still a ban on international flights and travels, and interstate travels as a result of the COVID-19 Pandemic, it is just a matter of time before the […]

RE: What insurers won’t tell you

I would not have bothered to do this rejoinder to the article with the above title by Mr. Azuka Onwuka in the Punch Newspaper of May 12, 2020, because he did a tremendous job for the insurance industry as a non-insurance professional. His article was very informative and largely accurate, but there are some inaccuracies, hence […]

Covid-19-heightened risks and insurance

Since the COVID-19 Pandemic hit our shores, with the attendant lockdown, many Nigerians have stopped earning income. For these Nigerians, they must go out every day before they can make money. Some other Nigerians are lucky; they can work from home and earn an income. But whether you earn or not, you must spend. That […]

Insurance: The lifeline of SMEs (2)

There are many other non-life insurances, depending on the nature of your business, but let us move away from physical assets and focus on human assets. It is widely acclaimed that the greatest asset of a business are the people (employees). Earlier we listed attracting and retaining skilled manpower as one of the challenges facing […]

Insurance: The lifeline of SMEs (1)

We all probably know what insurance is, but I will still put up some working definitions here so that we can all be on the same page. For our presentation today, let us look at insurance as a risk transfer mechanism where one party (policyholder or insured), after paying a specified amount (premium), transfers his […]