Following the unprecedented uncertainties in the economy, insurance experts have advised individuals and corporates on the need to protect their assets and remain financially stable.
Expressing their positions at a Coronation Insurance webinar held during the week, they advised members of the public to ensure that their assets are well valued and revalued to beat the trending inflation and foreign exchange crisis currently in Nigeria.
The webinar was themed: “Winning Through Insurance: A Strategic Approach.”
To mitigate the risk of unexpected, experts advised that everyone should make provision for insurance adding that as an innovative underwriting firm, Coronation Insurance has an array of products designed to meet specific needs of its teeming clients on its shelve.
Speaking to a sub theme: “Winning Through Insurance: Its Crucial Role In Ensuring Financial Stability,”
Assistant Director, Underwriting and Marketing at African Reinsurance Corporation, Olayinka Dawodu, said insurance was agreement by two with the aim of transferring risk by paying premium as a consideration for the contract.
He described insurance as a risk management tool in financial planning that helps one to manage that risk while focusing on other things.
According to him, without insurance, one stands the risk of incurring liabilities that may ruin one’s life or business for life.
While advising that everyone should make provision for insurance to mitigate risk exposure, he said: “We are now in a very complicated environment that one could not imagine what kind of risk exposure likely to emanate at any time, so we are all faced with all kinds of risks everyday.
“As individual, we should be able to identify the kind of peril that may likely affect you or your business.”
He noted that even at home there were a lot of perils that one needs to identify as those risks that can impact negatively on one’s household.
Also speaking, Augustine Aniekwe, Head, Corporate Underwriting, Coronation Insurance Plc, said that Coronation Insurance had been on the vanguard for insurance education, its benefits and the need to having suitable insurance cover for families and properties in the industry.
He added that being uninsured or under insured was challenging when the risk crystalises.
He advised that people should always revalue their assets to beat inflationary trend at all times.
In the same vein, the MD/ CEO, Orient International Loss Adjusters Limited, Christopher Owuamanam, pointed out that the job of a loss adjuster is to mediate between the insured and an insurer where there are issues with claims.
He assured the public of the impartial position of a loss adjuster as he debunked the perception that loss adjusters are always hired by insurers to intimidate the insured in claims processing.
Loss Adujuster ensures that there is gender impartiality in claims processing. External loss adjuster stabilizes insurance contract agreement between and insured and an insurer without biase,” explained Owamanam.
