May 3, 2021

Role of Insurance in the face of increasing insecurity and pandemic

Military personnel after arresting some bandits during an operation in Katsina-Ala.


Military personnel after arresting some bandits during an operation in Katsina-Ala.

By Adebisi Ikuomola

The global pandemic has left in its wake untold pains and damage to all facet of our humanity. Most of the worst hit countries are faced with the challenges of breakdown in health infrastructure and shortage of health personnel in the midst of a dwindling economic outlook.

It is noteworthy that the country where the scourge emanated from has witnessed a rebound in their economy through targeted communist-based regulated economy. There is no doubt that the dwindling effect of the pandemic has caused a resurgence in the entrepreneurship spirit of the burgeoning youthful population, with most start-ups attracting investors’ interest. At the home front, the unemployment statistics of about 33.3% with an inflation index of 17.33% is a worrying concern.

READ ALSOCOVID-19 3rd wave: Lagos places facility centres on red alert

The heightened insecurity across the divide has put everybody at its wit end. Our individual lives have virtually been taken over by fear and trepidation. However, in the midst of these, our collective will should be that of fostering unity with a stern resolve to overcome our low moments.

Insurance over the ages has always been seen as a business that exists for the survival of other businesses. At this period of rejuvenation, it calls for organisations and economies to recalibrate their security architecture, embark upon massive infrastructural development, improvement in social safety nets scheme, rejig business continuity plans and general deployment of technology to meet the expectation of today’s consumers and create new experience. New products should be developed by innovative companies whilst taking cognizance of COVID19 as a risk factor. It is pertinent to state that insurance coverage is paramount even in the face of doldrums and low economic activity. It makes more economic sense to preserve the existing assets than losing it to untoward events which are uncontrollable and fortuitous.

 The generic insurance policies will suffice whilst not losing sight of special covers such as sabotage and terrorism insurance on stand-alone basis or an extension of the main coverage under an insurance policy.

As an incurable optimist, we are encouraged to believe in a new dawn in all facets of our economic policies, technology, processes, thinking pattern and a change in the prism which colour our perception of people, events and other externality. Insurance sector is poised to meet the anticipated surge in the demand side of the economy.

On a cautious note, we as a people, should frontally unite to address our common destiny by not allowing centripetal and centrifugal forces to wedge us. We share the same humanity, let’s live it based on the forbearance we have enjoyed from our creator.

Mr. Adebisi Ikuomola is the Executive Director, Anchor Insurance CompanynLimited.

  Vanguard News Nigeria 

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