“The challenges of fire fighting in Nigeria”

I was part of a panel of discussants on NTA’s GOOD MORNING NIGERIA on the above topic last Wednesday. Many people, for good reasons, have a negative impression of the firefighting services in Nigeria: dilapidated buildings, old and broken down vehicles, poor response time, non-functioning telephone lines, inadequate firefighting equipment, arriving at fire scenes with […]

What if nothing happens?

Today, we want to focus on two issues that come up mostly in retail insurance marketing: one, “by God’s grace, we will not encounter mishap.” Two, “what if I insure and nothing happens, what happens to the money (premium) I paid?” We are going to deal with them and hopefully put the mind of the […]

Fire and destructions in markets

They were standing in the rubble of what used to be their striving businesses. Their forlorn looks told their story. They have probably lost all they have laboured for all their lives to fire and they have no fall-back plan. Their photo went viral; many people sympathised and empathised with them. One or two offered […]

Employers’ Liability Insurance and Group Life Insurance

In many respects, insurance and family are inextricably intertwined. Money is an essential part of family life and insurance is about providing financial compensation when an insured event occurs. This includes death of family members. According to a report in The Guardian Newspaper some time ago, a street sweeper, Mrs. Folasade Ogunniyi, was knocked over […]

Life insurance, suicide and my beliefs

Although I could not conclusively verify it, when life insurance was in its embryonic stages, it did not seem to have made provisions for payments to beneficiaries of policyholders who committed suicide. It was probably not in the contemplation of the pioneers and protagonists of life insurance. It was probably also excluded from insured deaths, […]

Insurance options for the middle aged

Today we want to focus on middle-aged men, who have not yet prepared well for their retirement. The broad options for preparation for retirement are cash reserves, real estate, stocks, gold and other precious stones, treasury bills and money market instruments, among others, but I want to restrict myself to insurance, which is my turf. […]

First loss insurance

Last week, we talked about self-insurance. We also said First Loss Insurance, though partial, is a form of self-insurance. First Loss Insurance is a type of policy where the policy holder, with the full knowledge of the insurance company, insures for less than the full value of the property and stocks at risk. First Loss […]

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 […]