The Independent National Electoral Commission (INEC) has repeatedly assured Nigerians that it is ready to conduct the forthcoming elections in Nigeria, and one sure way it has done this is by insuring ALL its assets and personnel including the ad hoc staff. INEC has not left any space uninsured in its bid to deliver successful outings across the elections!

From previous experiences, INEC has gone further to provide security and protection for ad hoc staff especially corp members while on duty according to the Chairman, Prof. Mahmood Yakubu.

As an agency of the Federal Government of Nigeria, INEC probably stands out as the one that gives the most priority for insurance amongst others. For the current year, especially being an election year, INEC has insured all its vehicles, buildings, machines and equipment,  personnel and relationships.

It is however not confirmed if the insurance program of INEC have been extended to cover terrorist attacks and cybercrime, two critical areas that could cause damages and losses to the agency.

Terrorism Insurance and Cyberinsurance are yet to be offered as classes of insurance in Nigeria but with reliable foreign partnerships, a few insurance companies in Nigeria can handle them, expectedly, at very high premium. 

From the understanding of the serious attention INEC gives to insurance of its assets and personnel, it could be considered that the attacks of its offices and damages to its properties across the country would be restored in line with the terms and conditions of the insurance contracts between INEC and its Insurers. We hardly hear that INEC is owed claims by their insurers. 

Are Nigerian Voters Insured?

Given the description of the committed efforts of INEC to insure its assets and personnel including the ad hoc staff, one could think INEC would have advised voters to equally get insurance coverages for themselves. Unfortunately, it is not part of the mandate of INEC to do so, which calls for personal responsibility amongst voters to ensure their security and protection throughout the elections anywhere in Nigeria.

Voters, necessarily, need to get insurance coverages for their properties - houses and vehicles as well as their families. 

Depending on the calibre of voters, some of us might need more insurance coverages than those mentioned here. Influential voters would need to insure their business premises, assets, transactions and employees in similar fashion like INEC. 

Ordinary voters would need Personal Accident Insurance for themselves and Individual Life Assurance for loved ones; incidentally we are in that month, which many acknowledge as the "Month of Love" globally.

In the event of accidents and/or deaths during the period of elections, voters can be protected and indemnified in line with the terms and conditions of whichever class of insurance they chose to have. Importantly, it is advisable that such insurance coverage last for the period of 12 months thereby taking care of post-election situations.

An interesting dimension to this advice is that voters can also incept the insurance coverages as groups for easier administration and affordability. In terms of premium, it can come as low as N1,500 per annum for Group Life Assurance and N1,000 per annum for Group Personal Accident Insurance for Group Members.

The level of benefits could be between N250,000 and N500,000 while temporary and permanent disabilities as well as medical costs would be covered, in the case of Group Personal Accident Insurance.

Any voter that goes into the general elections without insurance does so at his/her own peril and INEC could not be blamed or held responsible for such misfortune.

Before and during the 2019 general elections, it was reported that no less than 626 persons lost their lives across Nigeria, and it is doubtful if any of their families received compensation given that they never had insurance.

Just imagine for a moment if the voter's card came with a minimum insurance coverage for all voters, and offers us the choice to increase the level of benefits by paying more premium. Opportunities!!

Quite often, I have argued that we have to seek out solutions that clear our problems, not necessarily because it has worked elsewhere but because it will save us.

Nigerians are no doubt very innovative especially as we begin to see positive changes in the insurance industry in Nigeria. More insurance products are beginning to address the needs of people and insurtech start-ups are at the forefront of it.

As we look forward to the general elections with or without insurance, let us consider that INEC is ready but voters do not seem quite ready.

Voters need to get appropriate insurance coverages before, during and after the 2023 general elections.

The only persons protected from the risks associated with the forthcoming elections are those within the INEC structure

About The Author 

Ekerete Olawoye Gam-Ikon, MNIM, CPP, is a management consultant with a specialization in Strategy and Insurance. You can contact him via e:mail [email protected] and mobile +234-806-648-1111 and +234-802-585-0344