Traditionally, especially in Africa, there are times you should not have certain discussions when people are going through certain situations, but unfortunately, uncertainty is like an unexpected visitor who just shows up.
Every time we have to address uncertainty, we recognise that our preparations were not sufficient, as there’s always something that could have been done to minimise the havoc of uncertainty.Â
From little things like putting off the light switch or having the emergency numbers of the fire fighters to complex issues like ensuring the fire extinguishers are working or updating the stock of items in your shop and informing your insurers periodically, we always wish uncertainty gave us notice or a sign.
Various experiences from the uncertain and unexpected fire incidents, as we saw recently, have revealed that whether insurance exists or not, uncertainty would strike.
In other words, we are certain that uncertainty will show up, but we do not know the time, and this is why some people decide to pay some others, e.g., insurance companies, to bear the costs of the effects of uncertainty and save them from the associated pains.
Have you seen the places ravaged by fire? Very often, not much is left for the owners to pick and repair; most things would have to be replaced!
This explains why fire insurance is far cheaper than other classes of insurance and is increasingly taken up by certain people, especially homeowners and producers.
As we consider moving from consuming what we are not producing (or not consuming what we produce) to producing what we are consuming (or not producing what we consume), it’s of utmost importance that we do not allow fire consume what we produce!
We all know that fire is an enemy weapon that obliterates its target without leaving anything behind, except there are firefighters and equipment, which would minimise the costs and effects of the fire.Â
Do you realise that Fire Insurance policies are part of the “equipment” you should have to fight fire incidents?
Do you know that, by law, part of the premium you pay for Fire Insurance policies are remitted to the Federal Fire Service for the maintenance of their system to ensure they can effectively respond to fire incidents?
Sometimes, it actually does look like insurance has been duly designed to work for us, but we have allowed ignorance, horrific past experiences, and unbelievability to hinder us from enjoying better insurance experiences available today.
Premium rates for Fire Insurance had been increased in the Nigerian insurance market before that of motor insurance, but you did not notice probably because you are not a producer or homeowner.
The intention of increasing premium rates is to ensure that the insurance companies are in strong financial positions to pay your claims when reported.
Sometimes, too, I have thought that insurance ought to be part of the emergency management process to make the agencies at federal and state levels more proactive.
Currently, the agencies respond to fire incidents and other situations, whether the victims are insured or uninsured, but if they have to respond only to those insured, we would be certain that the governments have not been left alone to cater for our uncertainties.
Especially knowing that the causes of fire incidents have now been extended to weather conditions and climate, we cannot afford to lose control and act as if we do not know these tools of uncertainty: fire and flood!
When you are ready to protect yourselves and businesses against uncertainty, insurance is always there.
Do not plan to confront uncertainty and these uncertain times without insurance. Doing so amounts to not planning, and you will not be better than that person who is ignorant or unaware of insurance.Â
If it has helped many businesses bounce back after fire incidents, and without increased exposure to creditors, why don’t we let Fire Insurance work for us.
#BeAware #BeInformed
#InsuranceWorks
I remain…
Assuredly Yours,
