06/06/2026
Stop Begging: Insurance Competes, Assurance Wins.
By Ekerete Ola Gam-Ikon, Deputy Commissioner For Insurance.
Over the years, may be decades, we have been systematically delaying and denying ourselves the benefits of certain laws originally made to improve our lives and livelihoods by the persistent use of begging. Yes, begging!
Let me explain…
Have you seen where two or more motorists are involved in an accident, and luckily there are no fatalities? The first reactions would be anger, abuses and fights, before bystanders gather to discuss the situation. With little or no reference to the laws, the gathering, sometimes including law enforcement personnel, begin to BEG and appeal to the parties to forgive the guilty party, thank God for life and proceed to handle the damages and financial losses individually. Hours of begging ensures all parties accept to drop any charges grounded in existing laws.
Similarly, where it has to do with the family that rushed a member to the hospital for emergency medical attention, but unfortunately lost the person due to a mistake by the doctor, emotions are heightened and hysteria takes over immediately, but hours or days later BEGGING would have been used to calm nerves and the family advised to accept the situation as the wish of God. No reference to the laws that guide such behavior and no consequences!
You would probably have noted that in both situations explained above, was in competition with offered by the same people the laws were made to protect and give benefits that would have guaranteed zero financial losses.
In the case of the motor accident, the Third Party Motor Insurance would have compensated the affected party or parties, and if the motorist at fault had an Enhanced Third Party Motor Insurance Policy, his/her vehicle would have enjoyed some compensation as well. Begging, however, would not allow these benefits to be granted.
As per the doctor and other health professionals in our hospitals, the law requires that they have Professional Indemnity Insurance to protect them against such acts of omission in the course of work. Rather than begging, that insurance policy is meant to cover the cost of liability on the health professional found guilty of causing the patient’s death or incapacitation.
Typically, when these situations, as elucidated above, arise, nobody would ask about insurance laws and the excuse is often that the awareness is not there or the process of getting claims paid is torturous; excuses that the insurance regulator today is assuring the public can no longer hold.
Agreeably, the reality is that the level of believability of the public is just beginning to shift upwards given the assurances of the insurance regulator supported by certain visible actions to protect policyholders and victims of uninsured accidents.
The Insurance Policyholders Protection Fund and the Accident Victims Compensation Fund recognized in are now being implemented to give the needed assurance to existing and potential customers.
So, can we begin to allow the laws take their courses rather than keep using to resolve issues as highlighted here? Insurance policies have benefits that can save Nigerians from financial losses and emotional pains if, and only if, we can begin to consider insurance in place of begging.
When insurance competes effectively and more Nigerians become policyholders whose premiums provide the funds that would compensate them in times of claims, the assurances given begin to win!
Let us begin to ask “The Insurance Question” long before the unexpected happens. As you board a vehicle or enter any public space, ask for evidence of insurance.
Ask and become comfortable with asking “Do you have an active insurance policy?” Let others around you begin to know that insurance exists to help us, and move us away from begging when the worst happens.
Remember, importantly, that some insurance certificates might not be genuine, so always seek to verify immediately by putting a call to the phone number on the document or access the online options.
We are committed to Making Insurance Work in Nigeria and relying on the provisions of the Nigerian Insurance Industry Reform Act (NIIRA) 2025. Help us to help you. Win with our assurances that compensates and stop the begging syndrome that frustrates us all.
. www.naicom.gov.ng
