By Ekerete Ola Gam-Ikon
As January 2024 winds down and we begin to consider it in terms of the biggest accomplishments and disappointments, our greatest joys and sadness and, of course, our gains and losses, I thought we should reflect on how this “unseen financial instrument” has worked for us.
Sometimes, I’ve attempted to see insurance as a mindset but this will be for those with deeper understanding of its role in our lives. This is actually where insurance starts working: in our minds.
So, let’s look at how it worked for us this January:
• Firstly, insurance began to work when you thought of what could happen and you did something about it. From the way you thought of employing your time this month to the thought of possible failures in the returns you expected, insurance had started working.
Secondly, the decisions you took as a result of your thoughts meant you were going to have to buy insurance, or better put, insurance was going to work for you.
For example, if you travelled out of Nigeria, Travel Insurance had a role to play. If you got a contract to execute, and knowingly or unknowingly, you submitted insurance documents along with other qualifying documents. Recall how the National Pensions Commission (PENCOM) published list of companies that had Group Life Assurance policies and thus have qualified to do contracts of the Federal Government this year.
Thirdly, insurance appeared as we enjoyed access to several places and things. Do you know that every team at the ongoing African Cup of Nations (AFCON) had to show documents of the insurance of players as part of the conditions for participation? Yes!
Most of the public places you visited, the airplanes and vehicles you boarded, and products you consumed had insurance embedded in them, such that if the unexpected happened, you would have been compensated.
In some cases, where the owners of these places or products have been judged liable by a court and they pay their victims, they come round to claim on their insurance policies.
#InsuranceWorks
#InsuranceIsWorking
We all just need to go out there with confidence that the people we meet, the places we visit and the things we hold, are insured and when the unexpected happens, we will be compensated.
Meanwhile, do remember that we’re identifying the Weaknesses of Insurance this week, so please remember to send in your responses.
I remain…
Assuredly Yours,
Ekerete Ola Gam-Ikon
NCRIB NAC Award Winner
+234-802-585-0344
olagamola@gmail.com
Good production costs money and you can support what we do. Please find our details below👇🏾👇🏾👇🏾 Account name: MARKET ONLINE MEDIA Bank: UBA Acc No: 1026401930.
