Asiwaju Good Governance Council is CHRONIC COMMUNICATIONS LIMITED’S signature project, covering institutions, political leaders, opinion leaders, government officials, global financial leaders, scientists, and project developers as President Bola Ahmed Tinubu embarks on reforms to reposition Nigeria for global reckoning and development, to guarantee industrialization and investments in the country to engender progress and national restoration.
The council shall be involved in round table conferences, reinforcing its position as a premier event for high-level dialogue and strategic action for good governance on the watch of President Tinubu. Its programmes will also spotlight how state governments across the country through strategic partnerships and collaborative initiatives, are setting the stage for transformative investments in the country.
GODWIN IGHODALO – Director General (DG)
KUNLE OLU-OJO- Chairman
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CHRONIC COMMUNICATIONS LIMITED RC 1022098
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INSURANCE
LET INSURANCE BE YOUR WELL
Insurance is purchased to provide financial protection or reimbursement against losses resulting from accidents, injury, fire or property damage or business protection, especially for small and medium enterprises. An insurance company pools clients’ risks to make payments more affordable for the insured. Having an insurance cover is a shield against life’s unpredictability. It is therefore the lifeline you never knew you needed.
In a world of uncertainty—where fires raze homes, accidents crush dreams, illnesses strike without warning, and life’s earnings vanish in the blink of an eye—insurance stands as the quiet, often underrated hero. It is the protective shield that cushions individuals, families, and businesses from the financial devastation that could follow unforeseen calamities.
Yet, many Nigerians still ask: Why insurance? Why now?
To understand the relevance of insurance in today’s fast-evolving economic climate, one must first grasp its essence. At its core, insurance is a financial arrangement that provides compensation for specific potential future losses in exchange for a periodic payment called a premium. Whether you’re safeguarding a vehicle, a home, your health, your business or even your life, insurance offers a guarantee: that in your darkest hour, you will not be alone.
Every day, Nigerians lose millions due to incidents that could have been mitigated by proper insurance. Think about the market woman whose shop burns down, the young breadwinner crippled in a car accident, or the farmer whose crops were destroyed by floodwaters. Without insurance, their lives often spiral into poverty, debt, and despair. But with insurance, that same market woman could get capital to restart her trade, the young man could access treatment and compensation, and the farmer could replant with minimal disruption.
Insurance does not stop misfortune from striking; rather, it absorbs the financial shock, giving people the room to breathe, recover, and rebuild.
One of the most brilliant aspects of insurance is its model of risk pooling. Here’s how it works: thousands or even millions of individuals contribute small sums (premiums) into a pool managed by an insurer. From this pool, claims are paid to those who experience insured losses. As a result, the financial burden of the few is shared by the many—a communal buffer that protects all participants.
For example, a fire that destroys a house worth ₦20 million might financially ruin the homeowner if faced alone. But if insured, the cost is distributed across the wider policyholder base, and the homeowner can be compensated without needing to sell other properties or beg for help. Personal responsibility meets social stability in insurance. It is not just a personal safety net; it also promotes economic and social stability. Countries with widespread insurance coverage are better able to respond to natural disasters, public health emergencies, and business interruptions. Insured businesses recover faster from crises, insured individuals return to work quicker, and insured properties are more likely to be rebuilt.
Moreover, insurance encourages savings, discipline, and long-term planning. Life insurance, for instance, is both a protective measure and a wealth-building tool. Health insurance reduces out-of-pocket medical expenses, which can push families into poverty. Motor insurance ensures that accident victims get justice and repairs are fairly funded.
Despite its benefits, insurance uptake in Nigeria remains low, largely due to ignorance, mistrust, and past experiences of unpaid claims. But this is changing. Regulator, the National Insurance Commission (NAICOM) have tightened oversight, forcing operators to become more transparent and efficient.
Fintech is also making micro-insurance accessible to low-income earners via mobile apps and USSD codes. More importantly, Nigerians are gradually awakening to the truth: insurance is not a luxury; it is a necessity. The Chartered Insurance Institute of Nigeria (CIIN) President, Mrs. Yetunde Ilori, believes in consistently fostering forward-thinking conversations and collaborative innovations that prioritise technology in reshaping insurance operations.
She noted that the Insurance Meets Technology is helping in dismantling long-standing barriers and ushering in an era of innovation tailored to younger and tech-savvy Nigerians.
“The IMT is changing the narrative of our industry, bringing relevance, improving acceptance and creating a sustainable impact on the wider economy,” Ilori said
“The future of insurance lies in how effectively we integrate digital thinking into every layer of our operations.”
Equally, the Commissioner for Insurance, Olusegun Omosehin, acknowledged the IMT’s role in disrupting traditional practices and leading the charge for modernisation across the industry.
“Digital innovation is no longer a luxury, it’s a necessity,” Omosehin asserted. To live without insurance in today’s world is to walk a tightrope without a safety net. You may never fall—but if you do, the consequences can be catastrophic. Insurance ensures that when life knocks you down, it doesn’t keep you down. Whether you are a student, artisan, business owner, or CEO, you need insurance—because tomorrow is uncertain, but your protection shouldn’t be. In the words of an old proverb, “It is better to dig a well before you are thirsty.” Let insurance be your well.
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