Renowned gospel musician and broadcaster, Dr. Yinka Ayefele, has expressed frustration over the inefficiencies in Nigeria’s insurance sector, citing long delays before policyholders receive compensation.
Speaking on challenges faced by his media outfit, Fresh FM, Ayefele said he takes insurance seriously and diligently covers his assets, including musical instruments, but lamented that the process of accessing claims remains unnecessarily prolonged.
“People asked me if I didn’t insure my properties, but I replied that how will I have such a property and not insure it? Even my musical instruments that I use for shows are insured,” he stated.
The singer recalled a past incident when one of his buses was involved in an accident along the Sagamu road. Despite having valid insurance cover, Ayefele said the claims process dragged on for months.
“We wrote several letters, took police reports, and even after the insurance company visited the accident scene to investigate, it still took the intervention of our lawyer before we could collect just a stipend,” he recounted.
He also shared another case of a watch seller whose shop was burgled but was denied compensation because, according to the insurer, the ceiling lacked burglary proof.
On the recent fire outbreak that damaged facilities at Fresh FM, Ayefele warned that relying solely on insurance payments would cripple his operations due to delays.
“If we now say we should wait on insurance before we continue to broaden Fresh FM, it means we won’t work again this year. They will start with investigation, the cause of fire, where it started, eyewitness accounts, reports and a lot more. Someone was telling me to give it to stockbroker, but is that how fast it always works to get money back?” he asked.
Ayefele clarified that he is not against insurance, acknowledging that companies eventually settle claims, but urged operators to adopt more efficient and timely processes.
“I am not saying insurance is bad, they pay claims, it is just that it won’t come in time,” he added.
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