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; […]

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 […]