Yuletide is the period of several days around and including Christmas day. It is evident in the flurry of activities usually witnessed around the Yuletide season globally. The Covid-19 variant called Omicron has no doubt waned the tempo of celebration amongst households. 

As the year 2021 rolled to an end over the weekend, most folks viewed it with cautious optimism of a promising better year in 2022. The global economic outlook has worsened moderately, offset by a more optimistic recovery forecast for 2022. Gross Domestic Product is forecast to increase by 5.7% and by 4.8% in the new year.

 The worsening supply constraints have tampered global economic recovery putting greater pressure on vaccination campaigns to control the pandemic. (Culled from an article by Daniel Solomon). From the economic forecast for Nigeria against Q4 2021, the nation’s economy received some support by increased aggregate demand ahead of Christmas. However, this was projected to be limited by weakened purchasing power. 

The average price of domestic commodities had risen by over 50%. Christmas, to all, is a season of the liturgical year in most Christian Churches. It is a season of praise and thanksgiving for the incarnation of God in Jesus Christ. This begins with Christmas eve up until the day after December 25th of each year. 

This day has, however, been criticized by few folks across all divide as not being the exact date of Christ birth but this will not be our concern here. There is no doubt that the season is characterized with gift giving, family meetings, religious services, parties and other holiday-specific traditions. Nonetheless, the season has its fair share of tragedies and good moments. Perhaps, you would say different strokes for different folks. Given the tendency for most celebrants to take their liberties too far, few incidences would definitely be experienced. These risk exposures range from personal accident risks, automobile accidents, personal liability, health related covers, fire, burglary and house-breaking risks, just to mention but this few. 

Although most organizations closed for the year, the insurance solution providers kept their doors open to potential customers who would want to meet their insurance needs, especially on covers for activities relating to the yuletide. 

The unfolding new year promises to start on an optimistic note but against the backdrop of the way people will conduct their affairs. There is no doubt that this will come with some attendant risk exposures. 

And as the above conditions continue to be the evolving experience before us, the risk-bearing sector of the nation’s economy must fathom a new paradigm shift in the way risks are to be handled in the coming years, especially with the burgeoning youthful population who are not accustomed to the brick and mortar method of insurance services but techno-savvy product offerings that can meet their ever changing needs and expectations. By the turn of the century, risk exposures will be on a hybrid model, taking cognizance of tastes and preferences of the customers of the future. 

The insurance solution providers should start patterning their operations to reflect this new reality.Hurray to a bumpy but optimistic year ahead.