Nigerians asked to adopt insurance culture

The need to protect life and property with an insurance cover has been stressed by the Executive Director, Law Union and Rock Insurance, Olasupo Sogelola.

Speaking in an interview with journalists, Sogelola said insurance has evolved as a means of safeguarding the interest of people against losses and uncertainties. He said it is necessary to control “whatever life throws at us with insurance,” citing the destruction of properties and lives lost during the #EndSars protest and the coronavirus pandemic as examples of uncertainties in life. He said: “Life is nothing without surprises.

Some experiences in life could be unpleasant but it shouldn’t mean an end for anybody. You can flip the surprise back at life knowing that you took the right step ahead by buying a policy that meets your needs.

“A major way to control whatever life throws at us is by having an insurance cover in place at all times. You can reach for the top instead of shying away from responsibilities when you can pay a token as a premium and be confident that if any unforeseen event happens, you will be compensated by your insurance company.”

He said Law Union and Rock has designed tailormade products that meet the needs of the people, noting that insurers are in business to pay claims when any unforeseen event occurs to clients. “We are committed to paying claims out of the N4.8 billion generated in 2019, about N1.6 billion was for claims payment.

This shows that more than a fourth of our income goes into claims payment, and it shows that we are a responsible company. “The COVID-19 pandemic and #EndSARS changed a lot of things and every organisation started looking for the right insurance policy.

For us at Law Union, we ensured that we have products that meet new trends. And some of them are necessary based on the experience of the pandemic. One of them is our HNI product,” he said.