By Bisola Adetilewa
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| Emmanuel Enigbonjaiye |
For many Nigerians, insurance is often the last thing that comes to mind—until a car is damaged in an accident, a shop is gutted by fire, a family's home is flooded, or years of savings disappear because of an unexpected event.
It is this mindset that the Agency Manager, Retail at Mutual Benefits Assurance Plc, Emmanuel Enigbonjaiye, believes must change.
Speaking during a presentation titled "Beyond Emergencies: Staying Protected This Rainy Season," Enigbonjaiye urged Nigerians to embrace insurance as an essential part of financial planning rather than viewing it as a product to be considered only after disaster strikes. He described insurance as a financial safety net that helps individuals, families and businesses recover from unexpected setbacks without derailing their future plans.
According to him, while many people prepare for emergencies by taking physical precautions, they often overlook the financial consequences that follow accidents, property damage, business disruptions or the loss of a loved one.
"Insurance is not just for emergencies—it is a financial safety net that keeps individuals, families and businesses secure when life takes an unexpected turn," he said.
Enigbonjaiye explained that homeowners should take proactive steps to protect their properties, noting that severe weather and other insured events can result in extensive damage to buildings and valuable possessions. He said depending on the policy and coverage, home insurance can help cover the cost of repairs or replacement, preventing families from exhausting their savings after an unexpected loss.
He also stressed the importance of comprehensive motor insurance, observing that motorists are increasingly exposed to accidents, theft, fire and vehicle damage. Such protection, he said, can help cushion the financial impact of unforeseen incidents and enable vehicle owners to recover more quickly.
For business owners, the insurance expert said protecting an enterprise should go beyond generating daily revenue. He noted that many businesses suffer significant financial setbacks whenever operations are disrupted by unforeseen incidents, adding that appropriate insurance can make the difference between recovery and permanent closure.
He highlighted Fire and Special Perils, Goods-in-Transit and Business Interruption insurance as key products that help businesses protect their assets, inventory and income while maintaining continuity after insured losses.
Enigbonjaiye further described life insurance as one of the most important yet underutilised financial planning tools available to Nigerians. According to him, life insurance provides families with financial stability, ensuring that loved ones are supported and long-term obligations can still be met even after the death of a breadwinner.
He added that beyond paying claims after a loss, insurance plays a broader role in protecting income, preserving savings, reducing unexpected expenses and helping individuals and organisations achieve their long-term financial goals with greater confidence.
Encouraging Nigerians to take a closer look at their level of financial preparedness, Enigbonjaiye advised homeowners, motorists, entrepreneurs and families to review their insurance policies regularly and determine whether they have adequate protection against life's uncertainties.
He challenged his audience to ask simple but important questions: Is my home adequately insured? Does my vehicle have comprehensive insurance? Is my business protected against unexpected losses? And if something happened to me today, would my family remain financially secure?
He maintained that the answers to these questions could determine how well individuals and businesses recover when faced with unforeseen circumstances.
Concluding his presentation, Enigbonjaiye reminded Nigerians that while no one can predict the future, everyone can prepare for it.
"The best time to buy insurance is before a loss occurs—not after," he said, urging individuals and organisations to adopt a preventive approach to financial planning and risk management.
