BusinessInsurance Journal (A Publication of RhoTops Global Limited)

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BusinessInsurance Journal (A Publication of RhoTops Global Limited) Its educating and informative.

15/06/2021

ARE YOU AWARE!
Every business anywhere in the world has its own market, made up of buyers, sellers and intermediaries or middlemen who help to promote the process of selling and buying.

Insurance as a form of business cannot be an exception. In the business of insurance, the sellers are the insurance companies, the buyers are the insuring public or policyholders while the intermediaries are the brokers and the individual agents.

The concept of insurance in its modern commercial form, is a dynamic subject which plays a dominant role in the social a...
15/06/2021

The concept of insurance in its modern commercial form, is a dynamic subject which plays a dominant role in the social and economic development of every individual and modern nation. It is difficult to imagine how the present monetary economy, which sustains the world, would have survived and flourished had the modern insurance concept not been invented.

For more details on any insurance issue, please call 08036388143. Remember, its better to have insurance and not need it than to need it and not have it.

14/05/2020

What your car insurers won't tell you
- Your N5,000 third-party car insurance gives you 1 million naira cover

By Azuka Onwuka

Why do Nigerians bicker when their cars are involved in minor accidents? It is usually argued that the reason is that most Nigerian vehicle owners do not have "comprehensive insurance cover."

Nigerian comedians use this as a joke regularly, comparing how Nigerian vehicle owners react to minor road accidents and how vehicle owners in the Western world react to similar accidents. When two vehicles have a minor accident on a Nigerian road that involves some dent or some damage to the headlamps or rear lamps, the two drivers would quickly jump out of their vehicles, inspect their vehicles and start shouting at each other, wagging fingers at each other, which may degenerate to an exchange of blows. Some may seize the offending driver or tow his vehicle away and insist that he must pay for the damage caused. In some cases, the person whose car has suffered more damage may rush to the car of the other person and damage its mirror or headlamp or even windscreen in retaliation. As the comedian acts this out, members of the audience laugh because they have either witnessed it or participated in it.

However, when such a minor road accident happens in the UK or the US, the comedian changes his countenance. He paints a picture of how the two drivers will come out of their vehicles gently, survey what has happened, exchange insurance policy numbers and business cards and drive off. The reason is that they know that their insurance companies will take care of the damage.

These jokes have sunk into most Nigerians as the reality. Most Nigerian car owners believe that the N5,000 third party insurance does not cover anything. The belief is that it is procured just to avoid the trouble from police officers who check vehicle particulars on the highways. But is that true?

That is a big lie. That so-called meaningless N5,000 insurance cover that you think

04/10/2019

THE END OF THE TYRANT MOHAMMED KARI AT NAICOM It surely gladdens my heart l must confess when l heard the immediate past Commissioner for insurance appointment was not renewed. This is one man who benefited more from the system more than most practitioners. He was one time CEO of NICON, where he perpetrated a lot of fraud during his tenure before been appointed CEO of Nigeria Reinsurance. It was after his tenure here that he was appointed again as CEO of UnityKapital insurance where he collided with the insurance brokers family, after he refused bluntly the payment of OR which has been a long time payment in the system. This led to his early exit from the system only to resurfaced at NAICOM after the death of a member of the management. He felt it was payback time and he dealt ruthless and without mercy practitioners and the industry as a whole with over supervision. It was during his tenure that the staff since its inception will go on strike, not once or twice and in fact they were on strike when he was lobbying for another term before he was asked to hand over to the most senior officer and bow out of the system for good. Thanks to the Federal Government that failed to renew his appointment as he had planned to finish the industry in his second term all in the bid to hit at some practitioners. The lesson is that everyone should realize that no appointment is for life and because of that we should watch the level at which we display our vindictiveness.

01/02/2019

Happy New Month from the management and staff @ Business Insurance Journal.

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