INTRODUCTION TO INSURANCE (1)
If a typical Nigerian is told that his house could be engulfed in fire and his property destroyed in the ensuing inferno, or that the vehicle that he bought with his hard earned money and loves so much could be involved in an accident, their response to this would be a resounding “God forbid”, “it is not my portion” etc. What this means in essence on a lighter note is that, it can happen to someone else and not me. I make bold to say therefore that, nobody on this earth wants anything bad to happen to his/her person or to somebody or something that they care about. It is however regrettable that, risk is inevitable in our every day life. Risks, dangers, losses, and a multitude of it is something man is exposed to and cannot run away from. This is even more evident in our present day society where civilization and modernization are taking new dimensions with every passing day. The ways by which the effects of these eventualities can be cushioned is by an Insurance. Its relevance in any country especially in Nigeria can never be overemphasized. It however begs the question why insurance is not common place in Nigeria.
It is a no longer news that, the only major time that people are, as a matter of compulsion brought in contact with anything insurance in Nigeria is when they are trying to perfect their car papers. In other to avoid the so called “harassments” and “delays” by law enforcement agents on the road, they are forced to take up an insurance cover. But if they are asked what it means, very few can tell you the main purpose of taking up the insurance cover aside of course, “because they say we must get it”. Very few people know about the various other insurance schemes that are available and can be subscribed to in Nigeria…
INTRODUCTION TO INSURANCE (1) By: Joseph Uche Anyebe 1, Oluwabunmi Abigael Adeyanju 2& Olapeju Balogun 3