This article explores why insurance remains unpopular in Nigeria despite its benefits. Factors include dependence on divine protection, lack of trust in insurance companies, economic constraints, limited awareness and education, unfamiliarity with insurance products, and complex processes. The industry is working to address these challenges.
This article emphasizes the importance of regularly reviewing and updating insurance policies to ensure they remain relevant and adequate. It highlights key reasons for reviews, such as changes in personal circumstances, inflation, and regulatory shifts, and outlines steps and best practices to keep coverage aligned with current needs.
PenOp concluded its inaugural Induction Academy, equipping new pension industry employees with essential skills in investment strategies, compliance, and customer service. The program aims to foster professional growth and industry readiness.
This article explains the importance of insurance for freelancers and independent contractors in Nigeria, highlighting key policies such as professional liability, general liability, health, and cyber insurance. It also offers advice on choosing the right provider and emphasizes the need for protection against financial risks and business disruptions.
NAICOM has urged insurance professionals to prioritize ethics and integrity to boost public trust, calling for investment in technology, talent retention, and corporate governance to expand market reach and drive industry growth.
Nigerian insurance leaders assert the industry’s capability to underwrite evolving aviation risks, refuting government concerns and emphasizing collaboration, capacity building, and adherence to prudential guidelines.
This article discusses micro-insurance as a cost-effective and accessible solution for artisans and tradesmen. It highlights the importance of tailored coverage for common risks such as accidents, tool damage, and liability, offering practical guidance on how to choose the right micro-insurance to protect their livelihoods.
This article explores the principle of proximate cause in Nigerian insurance, detailing its definition, significance, and application. It explains how proximate cause determines coverage, claim validity, and risk assessment, and highlights challenges such as complexity in determining it and legal interpretations. Understanding this principle is crucial for fair insurance practices.
Nationwide protests in Nigeria raise concerns for the insurance sector and economy, highlighting risks like economic disruption, infrastructure damage, and increased insurance claims, urging proactive measures and collaboration.
The Enterprise Development Centre and International Energy Insurance have partnered to provide Nigerian SMEs with risk management training and resources, enhancing their sustainability and growth.
This post explains microinsurance in Nigeria, highlighting its purpose of providing financial protection to underserved individuals. It covers how microinsurance works, its practical applications, and the challenges it faces. The post emphasizes the need for awareness, cost management, and innovative solutions to enhance its adoption and effectiveness.
This article provides a comprehensive overview of marine insurance in Nigeria, covering its importance, types of policies, challenges, regulatory framework, and future prospects. It explores the current state of the industry, major players, market trends, and key considerations for insurers, stakeholders, and policymakers in navigating Nigeria’s marine insurance landscape.
This article delves into the significance of life assurance policies, emphasizing the need for proactive risk management. It elucidates various types of life insurance plans, statutory protections, and processes such as maturity, surrender value, and claims management. Additionally, it highlights Transparent Protection Ltd’s support services for insurance policyholders.
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