• Friday, April 12, 2024
businessday logo

BusinessDay

Insurance as tool for financial planning

Insurance as tool for financial planning

Understanding once risks and providing measures to manage them has emphasised the role of insurance in financial planning.

According to experts, understanding the multifaceted benefits of insurance, highlighting its role in mitigating risk, protecting assets, fostering peace of mind, and financial stability is key to survival, especially during challenging economic times.

A recent Webinar organised by Coronation Insurance, examined the critical role of insurance in navigating and thriving amidst economic uncertainties.

Read also: Premium Pensions MD Umar Mairami becomes PenOp president

Introduced by Olamide Olajolo, CEO of Coronation Insurance the core focus of the webinar was to equip participants with practical knowledge and a deeper understanding of how insurance can be a cornerstone of sound financial planning.

The keynote address provided a fundamental understanding of insurance by exploring key concepts like risk, peril, and hazard.

The speaker also delved into the specific challenges currently faced by Nigerian businesses. The panel explored how a robust insurance strategy can be instrumental in navigating issues like inflation, foreign exchange constraints, and talent flight. Real-world examples were presented, showcasing how insurance helps businesses protect essential assets, processes, and outcomes, ensuring continuity and success even in a challenging market.

The panel who shared their thoughts include Yinka Dawodu, assistant director, Underwriting & Marketing, Africa Re, Christopher Owuamanam, MD/CEO, Orient International Loss Adjusters Limited, Oluwarotimi Adewole, MD/CEO, Sam-Vic Insurance Brokers Limited and Augustine Aniekwe, head of Corporate Underwriting at Coronation Insurance.

Augustine Aniekwe, head of Corporate Underwriting at Coronation Insurance, revealed that Coronation Insurance provides an exceptional advisory service to ensure clients maintain adequate coverage for their property values. This proactive approach helps clients avoid underinsurance and ensures they receive the full value of their claims.

Another takeaway from the webinar was the imperative of prioritizing insurance as a secondary tool for achieving financial stability amidst inflationary challenges in Nigeria.