By Francis Ewherido
As a chartered insurance practitioner, the enormous power of Okugbe (unity, togetherness and pulling of resources together) naturally resonates with me. How do you imagine that you pay N70,000 premium annually to insure your house that is valued at N50m, yet if the house is razed, you get about N45m in compensation from the insurance company, depending on policy conditions like excess?
Or you do a comprehensive motor insurance and pay N250,000 for a vehicle valued at N5m and if the vehicle is stolen, you get paid between N4.5m and N4.9 (depending on policy…
