By its principles and practices, insurance considers the characteristics of a good society, and as a business, it takes on the responsibility of ensuring that we are all safe and secured at all times.
A deeper understanding of how insurance works would reveal this uniqueness in the overall value offerings of insurance, whether in the Insurance of Individual Life or Assets.
Have you not wondered how it is that you are required to pay a minimal amount to insure a highly valued asset? A premium of N100,000 per annum (12 months) for the Comprehensive Insurance of your car valued at N2m; or N2.5m premium for 12 months on your N50m executive luxury-branded vehicle. Such Insurance provides coverage against accidents, fire, theft, riots, strikes, and civil commotion!
Just imagine for a moment what happens to you or that person who put his/her new or fairly used vehicle on the road without comprehensive insurance coverage.
Is your vehicle worthy to be on the road? Or is the vehicle you are boarding, worthy to be on the road?
Or let's even consider your devices, wardrobes, jewelleries, and entire homes, which altogether would attract an annual premium of 2.5 percent or less of their total value, to provide coverage for burglary, fire, theft, storm, flood, earthquake, riots, strikes and civil commotion.
Notwithstanding, some people have said insurance is not worth taking and remains part of over 95 percent of those relying on Self-Insurance.
You are worth much more to us than exposing yourself to unworthy situations like living without insurance, which takes the responsibility to cushion the ugly effects of society on your life and evidence of achievements.
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