Analysts who spoke to BusinessDay last night said premium hike is not likely to come soon as there has not been any known claims experience resulting from Ebola case that should lead to serious concern for rate increase.
Kola Ahmed, director general, Chartered Insurance Institute of Nigeria (CIIN) said though he was yet to hear any claim coming to the industry as result of Ebola case, but it should not be taken for granted.
“We at the Institute are conscious of the whole issue, and that was why we had to call of the Institute’s 2014 Picnic last Saturday in line with Federal Governments efforts to curtail the spread through much body contacts”.
Ahmed stated that the life Offices Committee of the Nigerian Insurers Assurance (NIA) should join hands with other stakeholders to raise health conscious awareness on personal hygiene and interpersonal relationship among people. “This will go a long way toward not only reducing the spread, but also reduce what could become possible negative impact on insurance in terms of claims.”
Obinna Chilekezi, managing director, Uberima Nigeria Limited, insurance consultants said anything that results to death of the insured like the Ebola Virus definitely would affect the life fund of insurance companies and that is why the insurance industry should be concerned about it. “They may not need to donate money, but they could help in creating awareness about health and hygiene methodologies to reduce the spread”
Chilekezi said life companies should engage their clients in wide publicity, may be through text messages, emails educating them that Ebola Virus is real; observe specific hygiene practices; in case contacted by a family member report to appropriate authorities and all that. This does not only help reduce possible future losses, it also enhances insurance industry responsiveness to customers and at the end of the day promote image of the industry”
In purchasing a life insurance cover, insurance companies have the right to request that the client go through a medical examination to know whether or not the person is qualified for the cover or what value of premium should be paid. So, for clients with serious ailments, they are either denied certain policies or are made to pay higher premium than those who are not suffering such ailment.
Many consumers are frustrated to learn that, in most cases, and may be declined due to pre-existing medical conditions. Only group plans, such as employer-sponsored health plans, and certain government-sponsored options provide guaranteed coverage for every person irrespective of their medical conditions.
A pre-existing condition is a health problem that existed or was treated before you applied for coverage under a new individual of family health insurance plan.
Certain serious conditions, including cancer, heart-disease or insulin-dependent diabetes, may result in an automatic decline by the insurance company. However, there are a number of other common medical conditions that may not necessarily prevent applicants from obtaining individual or family coverage.
The horrors of the dreaded viral disease, Ebola fever, dawned heavily on Nigerians on July 25 as a man who took ill during a flight from Liberia to Nigeria just five days earlier passed on at a private medical facility in Lagos.
The victim, a Liberian-American identified as Patrick Sawyer, is Nigeria’s first Ebola Fever case. His arrival and death in Lagos have expectedly spread shock waves around the country.
Ebola fever which, in its terminal stages, is characterized by frightening bleeding from all body openings including the eyes, nose and rectum, has exacted a huge toll in some West African countries where 600 persons have been reported to have died after contracting the fever in Sierra Leone, Liberia and Guinea.
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