Motor (Third Party) Insurance rate, not yet Uhuru!

Lagos Assembly Bill: Beyond fire fighting equipment

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 […]

Why Comprehensive Motor Insurance makes perfect sense

Lagos Assembly Bill: Beyond fire fighting equipment

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 […]

Making a mess of Motor (Third Party) Insurance

Lagos Assembly Bill: Beyond fire fighting equipment

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 […]

Benin to Lagos: Need for INSURANCE

Lagos Assembly Bill: Beyond fire fighting equipment

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 […]

Claims settlement! A few bad apples

Lagos Assembly Bill: Beyond fire fighting equipment

  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

Lagos Assembly Bill: Beyond fire fighting equipment

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

Lagos Assembly Bill: Beyond fire fighting equipment

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 […]