The good side of Insurance

Insurance may be expensive but you cannot afford not to have one. The greatest mistake any man or woman on earth can make is to assume misfortune can never happen to him or her. 

Recently a man of God I admired so much, Dr Myles Munroe died in a plane crash. The experience shook me just like it did many men and women on this divide. Having God’s your help and being close to him or praying every day does not make anyone immune to misfortune or disaster. The bad part of it is that it usually happens suddenly.  How can you go on without proper insurance.

In Nigeria, I have seen people lose property, lives and loved ones without help or compensation from any quarters. Recently there was a fire tanker outbreak in Idimu part of lagos state. I passed by the scene and almost wept for the victims. How would they get their lives together again? How would they put their business together?  How would they survive? You could see so many of them sleeping outside burnt homes with no where to go. If only they had insurance

The other day a fire incident happened in a market on Lagos Island and goods worth millions were lost. If only they had insurance. One of them that bought a Fire N1600 cover recovered faster that most of the other traders. He got a quick N1.4 million compensation. Many people have lost homes, cars and properties.

Insurance provides compensation to insured’s in any misfortune. You can claim back what you lost when you are insured. It puts you in a position you were before the accident. You can move on with your life faster.

Many people are afraid of insurance because of wrong perception and negative publicity. Nigerian insurance industry has changed greatly. You can get your claims paid promptly now. Many companies are paying claims without adding the burden of the insured.

It is true you can’t trust all insurance companies but there some you can trust. Brokers can help you choose those that will not tell you stories. Even those that tell stories can be made to pay when you have a genuine claim, NAICOM is there to negotiate for you as a last resort.

Insurance in Nigeria has really come of age.  Ask the likes of Dangote, Nigerite, WAMCO and Nigerian Breweries who have been compensated in Billions for single incidents. Without proper insurance their investments would have gone down the drain. 

I really don’t know why many Nigerians are not insuring like they should. There are more rick here that in advanced societies, Its time Nigerians begin to take insurance serious. What do you think ?