Olamide Olajolo, Managing Director and CEO of Coronation Insurance Plc, has warned that postponing insurance coverage increases financial risks for individuals and businesses across Nigeria. Speaking about the company’s ongoing “Insure and Win 2.0” promotion, Olajolo emphasized the importance of taking timely action to safeguard assets, health, and livelihoods.
Insure and Win 2.0: Incentivizing Early Protection
Launched during the festive season, “Insure and Win 2.0” offers N30 million worth of prizes to customers, following the success of the first edition, which saw Gold Imo win a brand-new car.
Olajolo explained that the campaign is more than just rewards—it’s about transforming hesitation into proactive protection:
“Don’t let another year pass without proper coverage. The risks you avoid by delaying insurance don’t disappear—they compound over time. This promotion offers immediate gratification for long-term planning.”
The initiative encourages Nigerians to act now, secure their families and assets, and participate in a system that builds both financial resilience and peace of mind.
Low Insurance Penetration Remains a Challenge
Despite growing awareness, Nigeria’s insurance penetration remains below 1% of GDP. Analysts note that rising healthcare costs, economic uncertainty, climate-related events, and pressures on household income make the lack of coverage a serious threat to millions.
Olajolo highlighted that the key barrier is not awareness but behavioral inertia. Many individuals recognize their vulnerability to accidents, health emergencies, and property loss but postpone protection until after an adverse event occurs.
“Insurance penetration in Nigeria remains stubbornly low. People delay critical decisions, thinking they’ll act ‘later’. Our campaign removes that psychological barrier, saying: ‘Act now, protect yourself today, and here’s something extra for your decisiveness.’”
Holistic Protection: Beyond Single Policies
Olajolo also stressed the importance of comprehensive coverage, noting that financial risks are rarely isolated:
- Asset protection alone is insufficient
- Health, life, and income continuity must also be considered
- Combining general insurance and life insurance forms a broader financial safety net
“Your car needs coverage, yes, but so do your health, your children’s education, and your retirement. True security comes from multiple layers of protection, not isolated policies.”
Building Trust and Financial Resilience
In a market where skepticism toward insurance remains high, trust is central to Coronation Insurance’s strategy. Olajolo reaffirmed the company’s commitment to transparent claims settlement, verifiable customer outcomes, and consistent delivery.
“A prosperous continent begins with financially secure individuals. Every person with comprehensive coverage contributes to national resilience. Insured households and businesses maintain productivity and survive shocks, helping the broader economy.”
By combining behavioral insights, incentive-driven campaigns, and holistic product offerings, Coronation Insurance aims to increase insurance uptake and promote proactive risk management across Nigeria.
Key Takeaways
- Delaying insurance does not reduce risk—it compounds it
- Incentive-driven campaigns like Insure and Win 2.0 encourage early adoption
- Comprehensive coverage should combine asset, health, and life protection
- Building trust through consistent delivery and transparency is critical for market growth
- Insurance is both a personal safety measure and a socioeconomic necessity
