Claims settlement! A few bad apples

  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 […]

Insurance policy scope of cover

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 […]

Risks abound, so are insurance products

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, […]

Compulsory Insurances: You can easily go to jail

The sight of drivers fighting on the road after an accidental collision is a common sight in Nigeria. But there should not be any fight if they are well informed. To start with, the Motor Vehicles (Third Party) Insurance Act of 1945, which took effect from 1st April 1950, makes it an offence for anybody […]

“Insurance today and the future”

    (Singing) “We are better together, we are bigger together, we are stronger together, we are safer together, we are fuller together, we are richer together, we are greater together…” That was Olola Olabode Ogunlana, the doyen of insurance in Nigeria, singing a song he said boardroom guru, Michael Omolayole, used to sing for […]

Registered as private, used for Kabukabu!

Two major incidents have changed the way some people use their vehicles in Lagos in the past one year. The first was the ban on tricycles (Keke Marwa) in some major routes in Lagos. Commuters had started lamentations, describing the government as insensitive for not providing alternative means of transportation before banning the tricycles. But […]

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 […]