By Paul Onehi

Accidents are unfortunate events that can happen unexpectedly and have the potential to cause significant financial and emotional distress to individuals, businesses and families. In Nigeria accidents are a leading cause of injury and death, with thousands of people being affected each year. 

In light of this, it is crucial for individuals to have insurance coverage to protect themselves and their loved ones from the financial burden that can result from accidents. 

“As I stood at the busy bus-stop this morning, waiting for the bus that will convey me to my working place, I witnessed a horrific scene unfold before my eyes. A speeding vehicle, its tires screeching in protest, careened out of control and crashed into a building nearby. And for a moment a thought sprang up in my mind, “I hope these people have insurance to cover this loss?”

Insurance plays a vital role in providing financial protection in the event of an accident. Whether it is a car accident, a slip and fall, or a workplace injury, having insurance coverage can help individuals cover the costs of medical treatment, property damage, and legal expenses that may arise as a result of the accident.

Without insurance, individuals may be left to bear the full financial burden of an accident, which can be overwhelming and lead to financial hardship.

In addition to providing financial protection, insurance can also offer peace of mind to individuals knowing that they are covered in the event of an accident. This can help alleviate some of the stress and anxiety that can come with the uncertainty of what may happen in the future. By having insurance coverage, individuals can focus on their recovery and well-being without having to worry about the financial implications of an accident.

According to insurance company, Curacel, many Nigerians perceive insurance as an additional financial burden rather than a protective measure, thus, it is seen as a luxury instead of necessity.

Other obstacles to insurance penetration in Nigeria, include trust and credibility issues. Due to some people’s experience with difficulties in processing and obtaining insurance claims or perceiving insurance companies as untrustworthy, some Nigerians are just not interested in the industry.

But on a serious note, insurance can help protect individuals from potential lawsuits that may arise from an accident. In the event that someone is injured or their property is damaged as a result of an accident, having insurance coverage can help individuals defend themselves and cover any legal expenses that may arise. This can help prevent individuals from facing financial ruin as a result of a lawsuit stemming from an accident.

In conclusion, accidents highlight the importance of having insurance coverage to protect individuals and their families from the financial burden that can result from unexpected events. Insurance provides financial protection, peace of mind, and legal defense in the event of an accident, making it an essential investment for individuals to consider.

By having insurance coverage, individuals can ensure that they are prepared for the unexpected and have the necessary support to navigate the challenges that may arise from accidents.

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