Three days ago, an entrepreneur asked questions about taking up insurance in her small and growing business.
The insurance broker she asked contacted their preferred insurer to obtain the details of their SME insurance.
The insurer provided cover after the entrepreneur was profiled and the premium was paid for an effective duration of one year.
Worthy of note is that the policy number was derived from the portal of the regulator, the National Insurance Commission (NAICOM). It’s, therefore, a valid insurance policy and, in the event of a claim, it could be traced.
The critical role of the regulator is to ensure that the promises made by licensed operators are within the framework of the market conduct and are kept when claims arise and are treated.
When policyholders’ experiences are enhanced through prompt and fair claims payments, the insurance industry, as contemplated in the Nigerian Insurance Industry Reform Act 2025, would become better respected and accepted.
If you are still waiting, wondering and wishing for the right time to insure yourself and financial interests against potential risks, you are simply looking to lean on the old reliables, family and friends – who are now too stressed to respond when the unexpected happens.
Be the one who tells others that the insurance industry has become open, available, and able to create wealth, protect wealth, and secure the future for all who hold policies.
Ask questions, get answers, share experiences, and provide testimonials that justify the basis for the modern law we have.
Ekerete Ola Gam-Ikon is the deputy commissioner for Insurance, Finance and Administration at NAICOM
