Non-Insurance and Self-Insurance

Insurance is a risk transfer mechanism, where you pay a token (called premium) to a third party (insurance company) to assume your risks. After this consideration (payment of the premium), an agreement is drawn (policy document). If during the period of the agreement, the risk the policy holder transferred to the insurance company occurs, the […]

Implications of Xenophobic attacks on insurance

The South African Foreign Affairs Minister, Naledi Pandor, last Thursday said South Africa had no provisions in its laws to compensate nationals of other countries, whose shops and businesses were looted, burnt and destroyed in the recent xenophobic attacks. Pandor was responding to a demand by the Nigerian government that Nigerians, who suffered losses during […]

Discharge vouchers as certainties

For an insurance broker, one of the things that give you job satisfaction is getting a call from your client a few days after executing a discharge voucher that he has received his cheque or his account has been credited. It is so fulfilling. Sometimes, some of such happy clients become your best marketers. Discharge […]

Life insurance and the fear of death

This year alone, I know a handful of people in their 40s and 50s who have died. Take any day of your choice and go through all the newspapers; you are likely to find an obituary of somebody within this age range. The cause of death might range from accident and illness to death from […]

LAC: Walking the talk

When the Lagos Area Committee (LAC) of the Nigerian Council of Registered Insurance Brokers (NCRIB) had its mid-year workshop on Thursday, August 2, last year, the theme was “Insurance Broking: Transitions and Disruptions.” Among factors threatening the survival of insurance brokers in Nigeria, information technology ranked very high during the deliberations. Subsequently, when the current […]

“Mind the gap”

I do not mean the “mind the gap” warnings you see at London train stations. We are talking insurance here. Insurance is like a relay race; where the scope of coverage of one policy ends, the scope of coverage of another begins. One policy’s exception is another’s insurable peril. Unfortunately, once some policyholders purchase a policy, […]

Need to increase third party property limit

For the past few weeks, we have been dwelling on motor insurance and why not? Beyond being compulsory, motor insurance is the most patronized insurance product in Nigeria. Today, we have reason to deal with another aspect of motor insurance. A few days ago, on my way to work, I saw a big lorry tilting […]

Insurance and Lagos traffic fines

The Lagos State Government recently announced fines for various traffic offences. Reactions to the fines have been divergent. I have strong views on the government action too, but today, we just want to look at the relationship between the fines and insurance. The first fine is for driving without a driver’s license. If the person […]

Double jeopardy

I was returning from the Nigerian Council of Registered Insurance Brokers Annual CEO Conference when we ran into traffic after the Redeemed Camp. Heavy traffic around that stretch of Lagos-Ibadan Expressway has become a common occurrence, so I prepared myself for the inevitable. A short while later I noticed billows of smoke on the other […]

Beware, Nigerians are getting better informed!

I have written a lot about the six compulsory insurances in Nigeria and will continue to draw attention to them. This is for good reasons. One, they are statutory, so those concerned need to have them in place. Two, they are meant to protect third parties against bodily injuries, death and property damage. If you go […]