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 […]

Benefits of travel insurance

Insurance

I had a good laugh at myself recently, I was going through old documents that I used to apply for a visa 10 years ago and stumbled on the travel insurance. Even as an insurance professional, I cannot remember paying any attention to it then. I was only interested in completing my documentations for the […]

Uberimma fides (FIDEI)

Insurance

After a couple of weeks’ interruption, we shall continue with our discussions on the six principles of insurance today. In those days, I used to see “Caveat Emptor” on the walls of buildings and sometimes underneath, there is a suit number. I knew it had something to do with the courts. I also knew caveat […]

Householder insurance

Insurance

The rains are here, so are the storms, floods, etc. Even fire, which you do not expect to be rampart during rainy season, has occurred with the regularity of dry season in the past few weeks. This is a wakeup call for families to take up a Householder Insurance Policy. A Householder Insurance Policy is […]

That tanker fire disaster

Insurance

During the peak hours of last Thursday’s evening, a 33, 000-litre tanker, laden with PMS (petrol), exploded on Otedola Bridge along the Lagos end of the Lagos-Ibadan Expressway. As at the time of writing, nine charred bodies had been recovered, while 54 vehicles were reportedly burnt. My condolences to the families of those who lost […]

Azare: One market fire too many

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

On Sunday, June 17, a fire outbreak consumed about 700 shops in Azare market in Katagun Local Government Area in Bauchi State. Goods and properties running into hundreds of millions of Naira were destroyed. This fire is by no means an isolated case. There has been fire outbreaks in Singa Market and Sabon Gari Market […]

INSURABLE INTEREST

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

If you have ever watched the television series, Crime and Investigation, you would have seen episodes where a spouse took out life policy on his/her wife/husband. A couple of months later the wife/ husband died. If the death was natural or accidental or it was proven that the spouse had no hand in it (which […]