Essential insurances for the season

Nigeria’s annual migration has started in trickles. By the third and fourth week of December, it will peak with millions of Nigerians travelling from one location to the other for Christmas. These trips heighten the risks of travel across Nigeria. Some homes are also left unoccupied during the festive period, so there is also heightened […]

Driving with Google map

It was a faux pas and the Federal Road Safety Commission (FRSC) swiftly moved to rectify it before the damage spread like wild bush fire during the harmattan season. The Federal Capital Territory Sector Commander of the Federal Road Safety Corps, Mr. Ayuba Gora, had said that driving with the aid of Google map on […]

“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 […]