At a recent Coronation Insurance webinar, Nigerians have been urged to ensure that their assets are well valued and revalued to beat the trending inflation and the unsettled foreign exchange regime in Nigeria’s economic space.
They also pointed out that both individuals and corporates should prioritise insurance as a veritable tool for financial planning and stability in their businesses and personal lives, noting that without insurance one stands the risk of incurring liabilities that may ruin one’s life or business.
To mitigate the risk of the unexpected, experts advised that everyone should make provision for insurance adding that as an innovative underwriting firm, Coronation Insurance has an array of products designed to meet specific needs of its teeming clients on its shelves.
Olayinka Dawodu, Assistant Director, Underwriting and Marketing at African Reinsurance Corporation who spoke to the theme paper: ‘Winning Through Insurance: Its Crucial Role In Ensuring Financial Stability’ defined insurance as an agreement by two with the aim of transferring his or her risk to another by paying premium as a consideration for the contract
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“Without insurance one stands the risk of incurring liabilities that may ruin one’s life or business for life. He advised that everyone should make provision for insurance to mitigate risk exposure
We are now in a very complicated environment that one could not imagine what kind of risk exposure is likely to emanate at any time, so we are all faced with all kinds of risks every day.
“As individuals we should be able to identify the kind of peril that may likely affect you or your business,” noting that even at home there are a lot of perils that one needs to identify as those risks that can impact negatively on you or your household, he counseled.
Dawodu, stressed that there are a lot of life and non-life insurance products on Coronation Insurance’s shelf that take care of individual and corporate needs at all times, adding that products are presently designed to meet specific needs of a client.
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He mentioned some of the products to include motor insurance policy which he said was mandatory by law for all motorists on the Nigerian roads to have and comprehensive motor policy which allows for compensation for damage of owned vehicles, damage to third party property and also taking care of hospital bills where necessary.
Other products highlighted by the underwriting expert include life assurance policy, group life insurance which, according to him, is also compulsory by law for small, medium and big companies for the staff.
He said with group life in place an employer is assured of staff commitment and dedication to duty while life annuity is there to take care of one’s retirement monthly income, among others.
“I imagine how one could survive without insurance in these hard times. Insurance is about financial stability; it protects huge investments from collapsing and ensures continuity. Given the high rate of inflation and unsettled foreign exchange regime in the country, the cost of procuring or replacing an asset has gone up and is difficult.
Basic principles of insurance are to put you back where you were before any misfortune struck. Insurance plays an important role in ensuring that your assets are well protected. Prioritise your insurance premium as a first line charge” he submitted.
