Most people in Lagos carry less insurance than they would elsewhere, partly from habit and partly from distrust of whether claims get paid. Some of it is compulsory, and some of it is worth having anyway.
The regulator
Insurers are licensed and supervised by the National Insurance Commission (NAICOM). Buy only from a licensed insurer or a registered broker or agent; NAICOM publishes the list.
What is compulsory
- Third-party motor insurance, for every vehicle on the road. It pays for damage and injury you cause to others, not for your own car. Police and road-safety officers check it, and fake certificates are common: verify yours with the insurer.
- Group life insurance for employees, which employers must carry under the Pension Reform Act.
- Insurance of buildings under construction above a certain height, and some other covers, under the Insurance Act.
Worth having
- Comprehensive car insurance covers your own car against accident, theft and, if you add it, flood. Ask specifically about flood: Lagos floods. Flooding
- Health insurance, through Ilera Eko, your employer’s HMO, or a private plan. Health insurance
- Home and contents insurance, against fire, theft and flood, for what you own in a rented flat.
- Life insurance, if anyone depends on your income.
Before you buy
Making a claim
Report the loss to the insurer at once, in writing, and keep the reference. Gather evidence: photographs, receipts, a police report for theft or an accident. If the insurer delays or refuses unfairly, complain to it in writing, then to NAICOM.