Expert advises traders on insurance for goods and properties

An insurance expert, Mr Muftau Oyegunle, has advised traders and housewives to insurance their properties and wares during the dry season.

Oyegunle, who is the Managing Director of Lakeg Ltd, gave the advice in an interview with the News Agency of Nigeria (NAN) on Tuesday in Lagos.

He said that the prevalence of fire disasters during the dry season should not be dismissed.

Oyegunle said that market women and housewives, who constituted 20.8 and 12.13 per cent of the population, respectively, did not appreciate the importance of insurance.

He appealed to traders and housewives to take insurance policies to protect their business against disasters during the dry season.

Oyegunle identified fire as one of the major disasters that could wreck havoc and slow down businesses and economic development.

He said that Nigeria had had its share of the disasters over the years.

“Statistics from the Federal Fire Service (FFS) indicated that there are over hundred major fire disasters yearly across the country with Lagos State coming tops on the list.

“In 2012, FFS and Lagos State Command recorded 188 fire incidents,” he said.

Oyegunle said that 80 per cent of businesses and houses involved in the disaster were not insured and so the businesses could not bounce back.

He said that if those businesses were insured, the insurance firms would have paid the claims and easily helped them back in business.

Oyegunle advised traders to dismiss insinuations that insurance firms were fraudsters that would not pay claims in time of distress.

“Some have stopped insuring their business years ago because they do not see the need for it.

“Moreover, they are of the opinion that all what insurance firms are concerned with is the collection of big premiums and after that, nothing,” he said.

Oyegunle said that such notions could not be true as some insurance firms had premiums as low as N1000 to back micro traders.

” Apart from the N1000 premium, others can be paid installmentally,” he said. (NAN).


Source: The authority