By Ekerete Ola Gam-Ikon
It is clear to me and a few Nigerians, not necessarily in the insurance industry, that we can make insurance work for us in Nigeria and enjoy significant reliefs from some of the financial losses that confront us.
Interestingly, insurance is not about “How can it help me now?” You can only get value from it, if you had got it in the past in readiness for the present time.
Indeed, you can still get it today to save yourselves and families against the more likely harsher conditions of tomorrow. Understandably, the effects of policy announcements by governments at all levels are felt in different degrees, with the harshest coming sometimes later.
It is however becoming evident, as we respond to the effects of the policies announced by the governments especially at Federal level, that some Nigerians who have insurance policies are not using them at this time to hedge against the prevalent risks.
Let’s consider a case of how and why this happens with the following illustration:
• Lawal bought a new vehicle, and the documents after registration, included the Third Party Motor Insurance Certificate. This means he has paid Premium for the insurance of the vehicle.
Few months later, he got involved in an accident where he mistakenly hit the car in front of him. Trouble starts as it is discovered that the car he hit had a sick person who now needed to be rushed to the hospital for immediate attention.
Lawal and the owner of the car he hit got into a heated argument that pulled a huge crowd of sympathisers, instigators and photographers! Minutes later, news filtered in that the sick person rushed to the hospital was dead on arrival.
Hell was let loose and Lawal had to be taken away to safety by the Police who had arrived the scene, but his vehicle was not saved from the angry mob.
Many Nigerians on the road have been in similar situation on daily basis, and like Lawal and the huge crowd, no one remembers insurance.
Through the Police, Lawal subsequently negotiated and paid compensation to the family of the deceased, retrieved his damaged vehicle for repairs and lived with the agonising memory of that day.
Do you, unlike Lawal, know that your Third Party Motor Insurance policy can take (could have taken) care of the harsh consequences he faced?
Do you know that your Third Party Motor Insurance policy covers the death, medical expenses of victims as well as repairs of the other damaged car or property that you mistakenly hit?
Yes, you have paid Premium for Motor Insurance but you never used it because you BELIEVE it is for “Police let me pass”! Can this be ignorance?
Or are we just refusing to change our minds about making insurance work for us in Nigeria?
There are many more instances of this nature where we pay Insurance Premium, for buildings used as collateral for loans, or documents (e.g. Group Life Assurance Policy) used for contracts application, and when something unexpected happens, we go ahead to incur expenses rather than rely on the Insurance Certificates or Policy Documents.
Are you a Third Party Motor Insurance Policyholder? Will you allow insurance work for you in 2024?
Think. Unthink. Rethink.
I remain…
Assuredly Yours,
Ekerete Ola Gam-Ikon
NCRIB NAC Award Winner
+234-802-585-0344
olagamola@gmail.com
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