Stakeholders in the nation’s insurance industry across the country have charged Nigerians to imbibe insurance as a lifestyle and not as a regulatory necessity.
When most people think of insurance, it’s individual automobile or homeowner policies that first come to mind and some might even be concerned about the monthly insurance premium they would be required to make to keep their businesses open.
It’s worrisome that not often do people immediately reflect on the important role insurance companies and the policies offered play in stimulating the economy.
Also, consumers have become so accustomed to routine that they often don’t realize the barrage of risk and uncertainty they face every day, whether it’s vehicle accident, house fire, flooded basement from a big storm, or an injury at work, which bring unexpected hardships at any moment.
Indeed, insurance can help manage the uncertainty and potential loss by providing vital financial protection when disasters strike, without which, many individuals in these situations would be financially strained and could even face bankruptcy.
As with consumers, helping businesses mitigate risk can have a lasting, positive impact on the economy. A stronger Main Street leads to stronger communities and overall improved economic health of individual states and the country as a whole.
Similar to consumers, businesses also face financial stress due to disasters and unforeseen challenges. When disaster does strike, insurance is one of the best financial tools businesses can call upon to help tackle these challenges. Only when the policy was taken ahead of disaster.
Business insurance also helps to drive growth. At its core, the protective safety net of insurance enables businesses to undertake higher-risk, higher-return activities than they would in the absence of insurance.
The Managing Director/Chief Executive Officer of NSIA Insurance Limited, Ebelechukwu Nwachukwu, said the company’s initiatives were borne out of the need to redefine the narrative about insurance and to educate Nigerians on its importance.
Meanwhile, to increase industry penetration, NSIA Insurance has sealed pact with Multichoice on the DSTV Appreciations programme, to reward loyal DSTV subscribers with 10 per cent discount on four identified products.
The products are NSIA Comprehensive Motor Insurance; NSIA Motor Insurance- Third Party Fire and Theft; NSIA Householder Insurance; and NSIA Personal Accident Cover.