Life is a mystery, insurance is the experience we need

Sir: Ordinarily, the life we lead is often confounding, confusing, and challenging, thus necessitating our dependence on culture, religion, philosophy, and mystique.

However, insurance, the collective approach to addressing personal issues, was introduced as the tool that resolves pains, losses, and uncertainties that life throws at us.

Experiences, over the years, have shown that working together on our challenges brings about faster, smoother, and more reliable outcomes, and there is always the spirit of insurance in the development of enterprises across global economies.

Pursuing the challenges and opportunities of life without insurance would seem like climbing the mountain without drinking water. No one can afford that and hope to be alive.

For too long, we have taken for granted the role that insurance plays in our lives and lost or got defeated where we ought to have won. We cannot continue in the same manner and expect a different result.

Simply buying a vehicle or house worth millions of Naira as an individual, or building roads and bridges worth billions of Naira, without giving serious considerations to the protection of such investments into the future can be counter-productive and negatively impact lives.

Improvements on what we have done should rely on insurance and not fresh funding or new borrowings, as seen in other climes where the value of insurance has been highly appreciated.

The practicalities of life through insurance have helped to demystify certain aspects of life that we perceived to be irredeemable and sometimes too complex to be resolved.

Insurance of special risks related to marine and aviation as well as oil and gas, then recently, cyberspace and climate keep revealing unimaginable context for insurance professionals, and the search for solutions only continues.

Artificial Intelligence (AI) and other machine learning technologies have emerged to further demystify our lives as we know them from the religious and cultural angles, and it is now obvious that insurance will remain at the forefront to deliver the resilience to the economy as it has been known to do.

Today, we know too much that insurance can do to make our lives and livelihoods more valuable and we should not fail to seize these opportunities despite the identified and imagined challenges.

As you reflect on this submission, share your questions and comments and be assured to receive responses.