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 […]

Insurances for festive seasons

Happy Easter to you all; we are in another festive season. Festive seasons in Nigeria lead to a lot of activities. People travel, do lots of cooking and also receive more visitors. These activities carry with them elements of uncertainty. Where uncertainty exists, risks dwell and where there are risks, insurance has been created to […]

“Insurance as an excellent profession”

Deepening insurance penetration in Nigeria requires both short term and long term measures. On the long term, we need to start creating insurance awareness among young people. It is with this in mind that the Lagos Area Committee (LAC) of the Nigerian Council of Registered Insurance Brokers, as part of its corporate social responsibility, went […]

Spreading insurance risk through REINSURANCE

Some policy holders do not know anything about reinsurance. They have probably not heard the word before. In truth, they do not really have any business or interaction with reinsurance, so you can excuse them if they are ignorant of reinsurance. Insurance is a risk transfer mechanism as well as a tool for spreading of […]

An insurance agenda for Buhari’s new government

At least on two occasions since the Independent National Electoral Commission declared him winner of the last presidential elections, President Muhammadu Buhari, has said the economy will be one of his focal points during his second term. It is good to hear that, but any attempt to improve the economy must include deliberate efforts at […]

NCRIB inaugural breakfast seminar

Many people like hoarding knowledge and information. They do not realise that they are doing more harm than good to themselves. People who share knowledge naturally want to acquire more so that they can have more knowledge to share. In the process, they grow in knowledge, confidence and stature because knowledge is power. On the […]

Motor (Third Party) insurance conundrum

 I read a report recently where the writer was accusing the insurance industry of unwholesome practices in respect of motor (Third Party) insurance. He said insurance practitioners do not educate the insuring public of the benefits of motor (Third Party) insurance. He said all we do is collect premium and keep quiet on the benefits. […]

Professional indemnity insurance

I read about a family crying foul over the death of their teenage son last week. He was hit by a vehicle in Abuja while crossing the road. He was taken to the National Hospital where he died after four days. Now the family is blaming the hospital for negligence. They have decided to broadcast […]

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 […]