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 […]

Loss Adjusters: “Wicked pros” of the insurance industry

Unlike underwriters and insurance brokers, who are ubiquitous, the insuring public never gets to meet loss adjusters. Some policy holders do not even know they exist. That is until they suffer a big or complex loss. Usually, insurance companies do not engage the services of loss adjusters in small or straight forward claims. They surface […]

Group life insurance: For companies, clubs, associations

As the name implies, Group Life Insurance is a life insurance cover for a group of people, usually with a common denominator: employees of a company, members of a club or association, traders in a location, etc. In the past, group life insurance was taken mainly by companies for their employees. The company is the […]

Occupiers’ liability insurance for owners, occupiers of public buildings

Two weeks ago, we treated Builders Liability Insurance. Like Builders Liability Insurance, Occupiers Liability Insurance is one of the six compulsory insurances, albeit lesser known than Motor (Third Party) Insurance. Like Builders Liability Insurance also, Occupiers Liability Insurance deals with buildings. But while the former deals with third party liabilities arising from buildings under construction, […]

Echoes from LAC AGM and investiture of new leadership

The Lagos Area Committee (LAC) of the Nigerian Council of Registered Insurance Brokers (NCRIB) had a change of leadership last Thursday when Mrs Bukola Ifemade, erstwhile vice chairman, became the ninth chairman of the LAC. She is also the third female member to assume that position. Her investiture was preceded by the 2018 annual general […]

Builders liability insurance

Records from the Federal Ministry Power, Works and Housing show that 54 buildings collapsed in Nigeria between 2012 and 2016. I am sure these are the major ones they could track. With our notoriety for poor record keeping and data management, you can be sure that the number is much higher than this. But even […]

Insurance for low income earners

Some time ago, the insurance industry regulatory body, the National Insurance Commission (NAICOM), rolled out guidelines for licensing of micro-insurance companies. The move was partly to make insurance more accessible and affordable to low income earners and also deepen insurance penetration, which is currently less than one percent in Nigeria. With the commencement of operations […]

Machinery breakdown insurance

Human beings, who are created by God, breakdown (fall ill) not to talk of plants and machinery that are made by mere mortals. Whether the machines are made by the quality-conscious Germans or the technically-advanced Japanese, they are susceptible to breakdown or damage. Machinery breakdown insurance covers these breakdown and damage. It is an All […]

SMEs and business interruption insurance: The road less travelled

Recently, the business place of a small business owner was destroyed by fire. Luckily, he had a material damage insurance cover (fire and special perils) in place. But unfortunately, he only insured his contents; he did not insure the business space. The business was located in a building that had other business concerns and it […]

NHIS: What’s going on?

Expectations were high when the National Health Insurance Scheme (NHIS) came into being in 2004. Among other objectives, the NHIS was set up to: ensure that every Nigerian has access to good health care services; protect families from the financial hardship of huge medical bills; limit the rise in the cost of health care services; […]