‘Insurance pays, but never on time’ — Yinka Ayefele on fire incident

By Adejayan Gbenga –

Veteran gospel musician and broadcaster, Dr. Yinka Ayefele, has shared his experiences with Nigeria’s insurance sector, lamenting the lengthy delays often associated with claim settlements.

Speaking about challenges faced by his media outfit, Fresh FM, Ayefele explained that although he diligently insures his properties, including musical instruments used for shows, the claims process is rarely swift.

“People asked if I didn’t insure my properties, but I replied, how can I have such property and not insure it? Even my musical instruments are insured,” he said.

He recalled an incident when one of his buses was involved in an accident along Sagamu Road. Despite having valid insurance, compensation was delayed. “We wrote several letters, took police reports, and even after the insurance company visited the scene, it still required our lawyer’s intervention before we received a stipend,” he recounted.

Ayefele also narrated the experience of a watch seller whose claim was rejected after a burglary. The company argued that the shop owner failed to install burglary-proof protection on the ceiling, leading to the denial.

On the recent fire incident at Fresh FM facilities, he expressed worry that relying solely on insurance payouts could stall operations. “If we wait on insurance before expanding Fresh FM, it means we won’t operate this year. They start with investigations, eyewitness accounts, reports, and more. Someone suggested giving it to a stockbroker, but does that speed up the process?” he asked.

The broadcaster stressed that his concerns were not about the principle of insurance but about delays. “I am not saying insurance is bad, they pay claims, it’s just that it doesn’t come in time,” he clarified.

Ayefele urged insurance companies in Nigeria to improve efficiency in their claims processes, noting that timely settlements would encourage more individuals and businesses to embrace insurance coverage.