This article emphasizes the importance of insurance by showcasing real-life examples of losses incurred due to neglecting coverage. It highlights the hidden costs of skipping insurance, debunks misconceptions, and provides actionable steps to make informed insurance decisions.
This article highlights the dangers of underinsuring your assets, explaining why it happens, the financial consequences, and how policyholders can avoid it. It provides practical tips to ensure adequate coverage and protect against unexpected financial burdens due to underinsurance.
This article explains how insurers determine the market value and insured value of assets, highlighting their differences and the importance for policyholders to understand them. It covers valuation methods and offers tips to help avoid underinsurance and overinsurance.
This article explains why insurable interest is essential for valid insurance contracts, ensuring that policies are only taken out on entities the policyholder has a legitimate stake in. It covers how insurable interest prevents fraud, maintains contract integrity, and protects insurers, forming a legal foundation for the insurance industry.
This article explores the critical role of the Nigerian government in promoting disaster insurance. It covers areas like regulation, public awareness, financial incentives, public-private partnerships, and international cooperation to drive adoption, enhance resilience, and reduce economic losses from natural disasters across communities and industries.
This article explains the concept of proximate cause in Nigerian insurance law, highlighting its legal significance in claims, dispute resolution, and policy interpretation. By determining the direct cause of loss, proximate cause is essential for fair liability assessment, protecting both insurers and policyholders and reinforcing trust in Nigeria’s insurance sector.
This article discusses how micro-insurance provides affordable, accessible, and essential coverage for small business owners in Nigeria. It explains the benefits, types, and challenges of micro-insurance, highlighting how it protects businesses against risks, fosters growth, and strengthens economic resilience, particularly for low-income entrepreneurs and informal business sectors.
In 2025, the insurance industry will grow through sports coverage, cyber insurance, automation, and climate risk solutions, embracing innovation to meet evolving demands in a competitive global market.
This article explains the difference between voluntary and compulsory excess in insurance. It discusses how each type affects policyholders, premiums, and claim costs. It also highlights the benefits and drawbacks of each, helping individuals make informed decisions when choosing their insurance policies.
This article explains how to choose the right excess level for your insurance policy, highlighting key factors like personal finances, policy value, claim frequency, and premium impact. It provides a balanced approach to selecting the appropriate excess while weighing the pros and cons of both high and low excess levels.
This article discusses the legal consequences of insurance fraud in Nigeria, highlighting various forms of fraud, the legal framework governing such offenses, and the penalties involved, including imprisonment, fines, restitution, and revocation of licenses for professionals. It also covers measures taken to combat insurance fraud in the country.
The article explains the impact of insurance fraud on policyholders, highlighting how fraudulent activities result in higher premiums, reduced benefits, and delayed claims. It discusses the types of fraud, who commits it, and offers tips on how policyholders can protect themselves and maintain trust in the insurance industry.
The article outlines eight warning signs that indicate a struggling insurance company, such as failure to pay claims, lack of transparency, and financial instability. It aims to guide readers in identifying these red flags to protect their financial security when selecting an insurance provider in Nigeria.
This article outlines common mistakes policyholders make during the insurance claims process and offers practical solutions to avoid them. It highlights the importance of understanding policy terms, timely notification, accurate documentation, and open communication to ensure a smooth and successful claims experience.
This article explores the vital role of legal counsel in insurance disputes. It discusses how lawyers help policyholders and insurers with policy interpretation, legal rights, settlement negotiations, litigation, compliance, and protection against bad faith practices, ensuring fair resolutions in complex insurance claims and disputes.
The article addresses common misconceptions about insurance that often discourage people from purchasing coverage. It debunks myths like insurance being too expensive or unnecessary for young people, explaining the importance of understanding insurance policies and seeking professional guidance to make informed financial decisions.
This article explores the emerging trend of pet insurance in Nigeria, highlighting its benefits, types of policies, and challenges. It discusses why pet insurance is gaining attention, how it can provide financial protection for veterinary care, and its potential to grow in Nigeria as pet ownership increases.
This article explores specialized insurance solutions tailored for high-net-worth individuals (HNWIs) in Nigeria. It covers asset protection, liability coverage, personal security, estate planning, business insurance, and cross-border risks. It emphasizes the importance of customized policies to meet the complex needs of HNWIs and ensure their financial security.
Enter your email address to subscribe to this blog and receive notifications of new Insurance News Beat by email.
