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Ekerete Ola Gam-Ikon Speaks on the Insurance of Heros 2020 Dialogue set to hold on February 20, 2020

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Friday, February 14, 2020 / 06:00PM / Interview with Ekerete Ola Gam-Ikon by Armed Forces Nigeria Radio / Header Image Credit: @finterate

Ahead of the "Insurance of Heros 2020" Dialogue set to hold on February 20, 2020, the Armed Forces of Nigeria Radio engaged Ekerete Ola Gam-Ikon, a Consultant on Insurance and Co-convener of "Insurance of Heroes", on the event which was conceived to bring greater value of insurance to Nigeria's heroes especially members of the military and paramilitary institutions and their families.

About the Event

The event, Insurance of Heroes, is planned to commemorate Nigeria's heroes (living and dead) across the military and paramilitary endeavours with the view to strengthening the drive towards greater adoption of insurance by Nigerians. You know, too easily things happen and we want to move on but are hindered by knowledge. So, we are doing this to bring the knowledge of what insurance can do to make the lives of our heroes and their families even more meaningful.

Why People don't like Insurance Products

Simple. They do not understand how it works and when they do, they have other alternative means, including begging, to address the challenges that insurance was developed to handle. Also, the experiences some people have had with some insurance companies have been unfortunately regretful. Today, I have seen people who desire to protect their wealth, commonly families and health, but they either cannot find suitable products or cannot afford what is available.

How the event can address concerns of the people

Insurance of Heroes is the event that will start a new discussion about how the concerns of our military and paramilitary personnel will be addressed. We are working as an NGO that will use the donations received to procure insurance, which will protect these great heroes that protect us. The NGO will work with them to ensure their talents are deployed into the productive aspect of our lives with the payouts we will get from our insurance partners.

Type of Insurance that average Nigerians can get to enjoy for a better life

Considering the average risks we live with, namely accidents, ill-health, project failures and losses resulting from several things, the insurances available and affordable for the average Nigerian are essentially microinsurance and takaful products. Microinsurance products are sold in bits and pieces for the active poor while takaful products are based on non-interest principles and gives back something to its contributors after the end of the insurance year.

What do we have in place now to address the knotty issue of claims?

We are working with insurance companies that have the tradition of excellent claims settlement to individual policyholders and avoiding those with bad records. The emphasis is on individual because some insurers are only good at paying companies.

Participation details

Insurance of Heroes is open to all members of the public with a heroic spirit especially military and paramilitary personnel involved in fighting crime, fire, disasters, accidents, human trafficking, corruptions, riots and other disturbances that come to us.

We expect them all on Thursday February 20, 2020 at Nigerian Army Resources Centre, Asokoro from 9am. Protecting ourselves is our collective responsibility and this is our contribution