Echoes of farm insurance at brokers’ conference

Insurance brokers in the country had their national conference on Thursday, October 18. As usual the conference brought to fore sundry issues facing the industry. But let me start with a piece of information from a member of the panel of discussants. Some rice farmers insured their farms. During the currency of the insurance policy, […]

Compulsory insurances and elections campaigns

P olitical party primaries have been concluded. Now we know the candidates, especially candidates of the two major political parties, the People’s Democratic Party and the All Progressives Congress. We are now waiting for electioneering campaigns to commence. In other climes, this period offers pressure groups, professional groups and trade groups another opportunity to engage […]

The principle of CONTRIBUTION in insurance

Crime and Investigation, Insurance, Motor Third Party, Policy Holders

For those who watch the American television programme, Crime and Investigation, you would have seen that some spouses take multiple life insurances on the lives of their other halves. After a while the spouses die mysteriously and they are now entitled to the benefits of the various life policies as next of kin or beneficiary. […]

Some salient insurance clauses

Crime and Investigation, Insurance, Motor Third Party, Policy Holders

There are some clauses which are ubiquitous and salient in most insurance policies. Incidentally these clauses have been the source of much suspicion of insurance professionals and dispute between the insurance industry professionals and the insuring public. Usually, an insurance professional should draw the attention of his clients to clauses that can lead to dispute […]

Common mistakes policy holders make

Crime and Investigation, Insurance, Motor Third Party, Policy Holders

History has a way of repeating itself. Consequently, it is imperative to reiterate certain facts, situations and issues to remind people of what to do and what they ought not to do. I was woken up early in the morning, a few days ago (a businessman’s phone has to be on 24/7 nah!) by a […]

Motor third party +

Crime and Investigation, Insurance, Motor Third Party, Policy Holders

One of the complaints against the insurance industry is that it is not innovative. That is not totally correct, in my opinion. I believe the industry is innovative; maybe not as fluid and dynamic as expected, but it is moving slowly within the regulatory framework it operates in. We should also not forget that the […]

Random thoughts on insurance broking and IT

Crime and Investigation, Insurance, Motor Third Party, Policy Holders

Thursday, August 2, 2018, was time for the mid-year workshop of members of the Lagos Area Committee (LAC) of the Nigerian Council of Registered Insurance Brokers. Technology is changing faster than many people are changing their clothes. So it was no surprise that information technology featured prominently during the workshop with the theme, “Insurance Broking: […]

Salary protection insurance

Crime and Investigation, Insurance, Motor Third Party, Policy Holders

This insurance product is comparatively new in the market and it is meant for certain people in paid employment in selected sectors of the economy, especially breadwinners. Hopefully, workers in other sectors will enjoy the benefits as the policy gets older and more data are gathered. Salary Protection Insurance protects employees who may lose their […]

Financial inclusion via insurance

Crime and Investigation, Insurance, Motor Third Party, Policy Holders

From July 8 – 10, insurance professionals gathered in Abuja, the nation’s capital. Uppermost in their minds was how to increase insurance penetration and in the process increase the number of Nigerians, who have one form of insurance or the other. Currently, only about one percent of Nigerians have any form of insurance and I […]