Christmas insurance;life dips, non-life peaks
It is a moment most people all over the world cherish, relish and wait patiently for. Whether one is prepared for it or not, it comes with some inexplicable level of excitement.
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The period preceding the 25th December itself brings so much of joy and from the beginning of November every year, the change in the weather, characterised by the emergence of the north monsoon winds (i.e. harmattan) gives a feeling of hope, joy, life, a sense of belonging and all – the yuletide – Christmas!
‘Once it has come to meet us, we give thanks to God’
Around this time of the year, it is not uncommon to hear those who have not planned adequately financially making statements like “oh, as for this Christmas, we can only thank God for our lives since we don’t have enough to celebrate the season in much ecstasy.” The choruses of the poor planners often tend to creep into everyone else’s mind.
One thing that nobody would want to hear about is life insurance. On the contrary, however, many business owners and some well-meaning individuals recognise the fact that this is the time to make provisions for the insurance of their property, businesses, stocks, assets and especially motor vehicles. That is very encouraging as it helps non-life insurers increase their premium mobilisation, especially the period just before, during and immediately after the yuletide.
Demand for non-life increases
I recall being called at the dawn of a Saturday 24th December a couple of years ago by one “big man” par excellence requesting my company to quickly get him cover for his brand new hummer (which was in vogue at the time). He needed it so badly because he had to travel with his family outside Accra for Christmas. Though in the mood, I made time to meet him for details and particulars on the vehicle to arrange a comprehensive motor insurance cover for him.
This is just one of the many examples that abound when insurance companies in the non-life sector are virtually being chased by individuals and corporate entities, especially for motor insurance cover, not only because they wish to necessarily protect their properties, but also to avoid unpleasant encounters with the law enforcement agencies.
Demand for life policies dips
In the life sector, however, I am yet to have that rare experience of persons chasing life insurers to sign on to any life insurance policy. In fact, even when we ‘chase’ them, they take to their heels because this is not the time to listen to life insurance vibes; it is a period to celebrate and to think about how to make provisions for their families and how to give away gifts to loved ones – minus insurance. The paradox here is, why people are more concerned about securing their cars, houses, and businesses, assets, etc but rather oblivious of the need to protect the many lives that depend on them including their own lives? Imagine a Christmas without you and without adequate financial provisions being made for the family you have left behind!
Christmas risks & insurance
It is obviously a truism that many bizarre and risky incidents occur during festive occasions, particularly one of the world’s biggest – Christmas.
Think again – all aspects of insurance are important before, during and after Christmas hence the public must continue to give equal attention to both the life and non-life sectors. We must remember that a loved one could be lost even on Christmas Day. I remember about two years ago, a prominent politician dropped dead on 25th December and the question my wife asked me was “why couldn’t death wait till after Christmas before taking this man?” Can you also imagine after putting together a nice Christmas package for your parents and parents-in-law, you get a call on the morning of December 26, about the passing of ‘Asew Kornor’! While the feeling of grief will be obvious, the thought of financial requirement for the funeral can definitely not be ignored. The stark reality is that mishaps know no season.
It is a brilliant idea to renew your motor insurance policies during Christmas to protect your vehicle, life and third parties, but let life insurance form an essential component of your hampers this Christmas and all that we are yet to celebrate. Remember, insurance both life and non-life, are the only guaranteed commodities whose premiums (prices) do not change even as the prices of goats, chicken, clothing, turkeys, etc keep changing upwardly by the hour.
Just-in-case your policy has expired
Lest I forget, the tendency to forget the expiry dates on our motor insurance stickers also does exist, especially around this time; just take a closer look now and you would be killing two birds with one stone because your road worthy sticker may also have a few days to expire!
Merry Christmas to all readers of this column and until you make a decision to buy all the necessary forms of insurance for yourselves, dependants, businesses and assets, please don’t put all your gifts into one hamper without the right types of insurance policies.
Until next week, “This is Insurance from the eyes of my mind”.
