General Insurance

Because we can’t predict the future, we want to be ready to cover our financial needs if, or when, something bad happens. Insurance companies understand this and provide insurance policies to protect us from unforeseen calamities. These could range from diseases to disabilities and everything in between. While we always hope for luck to be […]

As the premier insurance body in Nigeria, the National Insurance Commission (NAICOM) perform several functions ranging from regulation to monitoring and developing new systems. This article discusses everything you need to know about NAICOM in full. NAICOM – History and Overview The National Insurance Commission, NAICOM regulates the practice and operations of Insurance in Nigeria. […]

No, not yet. You might reconsider closing the tab. Disability Insurance may not be what you think it is.  Disability Insurance? What in the world of Insurance does that even mean? At first glance, one would imagine this is associated with insurance that caters to the underprivileged and ‘notoriously’ handicapped. We would be glad to […]

Cyber insurance is a relatively new form of insurance as opposed to its Life and Health variants. Other novel types could include Engineering Insurance and Device Insurance.  With the alarming rate of cyber attacks and threats, cyber insurance is becoming more prominent as a measure to cover the loss and damage of cyber intrusions. This […]

Reporting an insurance loss can seem complicated just thinking about it. You recently had a car accident or some other kind of loss to one of your vehicles, your loved one, or your business. And you’re wondering… Should I submit a claim to my insurance company or not? Will there be any negative consequences? Will […]

Insurance is the transaction of exchanging money for risk transfer. When this transaction goes through, they compensate you should any damages come to your insured asset. Now, in a more professional statement; it means exchanging insurance premium for risk transfer. The money you pay to purchase insurance is called an insurance premium. In this article, […]

On purchase of insurance, they issue us a contract signed by the two parties – you and your insurer. We should keep this contract in uttermost confidence, as it is our legal ground for claims and bridge of contract. However, when required to show proof of insurance to third parties, brandishing your contract might not […]

When it comes to insurance, no other word quite packs a punch. Insurance is a tricky subject because while it is a popular concept, there is still a lot that is not clear to most people. In his article, we will demystify insurance and the insurance industry in Nigeria, providing you with information on all […]

The claim settlement is the final stage of the claim process in insurance. At this point, the claim has been notified by the insured, all parties involved have carried out their respective duties. The insurer can settle claims that arise and accepted under the terms of the insurance contract in the following ways: Let us […]

Reinsurance is essentially a specialist form of insurance transacted between professionals; hence many of the principles and practices applying to the conduct of insurance business equally apply to reinsurance. However, some principles have a different application in reinsurance A simple definition of reinsurance, therefore, is that it is the acceptance by an insurer, known as […]