Insurance can minimise the impact of disasters: Luke Ngwerume

Insurance can minimise the impact of disasters: Luke Ngwerume

Luke Ngwerume, Managing Director of

More often than not misconceptions about insurance hinder people from taking up insurance cover. While other consumers regard insurance as either a luxury or just as being too expensive. Others do not see themselves as risk prone and would not  “waste” money on eventualities or simply because  they lack confidence in insurers.

BY Sharon Sigauke

Having an insurance cover is a decision that most people are reluctant to make.  However, since life is inconstant and we are faced with all kinds of risk in our day day activities, like fire, accidents, loss of life, work based injuries and so on; security measures in the form of insurance cover become handy especially considering the expected and unexpected risks we are faced with daily.

People should just understand that at the end of the day, “risks still exist and if you suffer a loss to your assets the cost of replacement could be unaffordable. In the event of death, your loved ones will suffer financial loss,” says the Managing Director of an online insurance aggregator, Mr Luke Ngwerume.

While the unexpected loss of life, property, and serious damage to traffic infrastructure caused by the increscent floods has just but shown the fact that one cannot afford to make second thoughts about insuring their life and assets. It is disheartening to know that most of the people affected by the floods were not insured and it is a pity that most of the time, people realise the importance of an insurance cover when disaster strikes yet this can be easily avoided.

Insurance can minimise the impact of disasters, and it is very cheap against the misconceptions that Insurance is expensive. Imagine that a house worth about $40,000 requires about $75 to insure it annually that means it will cost about 18cents a day to insure that you are guaranteed not the same house you were leaving but a replacement in times of disaster, explains Mr Ngwerume.

“You should take out insurance to cover your furniture, equipment and personal effects from fire, theft, floods because landlords don’t cover tenants’ goods. In order to be safe from pain resulting from financial and property loss, people to need to have adequate insurance cover. It is better to be prepared in case of unforeseen circumstances,” emphasised Mr Ngwerume.

Young people are often reluctant to take insurance cover however, they are certain risks that are unavoidable because young people are very active are involved in risky behaviour and most importantly are met with unavoidable reality of death.

“Death does not discriminate on age. Even single people need to leave enough to cover the cost of their funeral and or debts,” advised Mr Ngwerume.

While responding to the allegations that insurers did not want to pay claims and that the insurance industry was riddled with fraudulent insurers

Mr Ngwerume said that it was the responsibily of the consumers to clearly read and understand the terms and conditions of their insurance covers such that in cases where their claims are unpaid, they make claims on time and follow the procedures to make claims according to the policy.

Luke Ngwerume also added that it was important to take insurance cover with reputable and registered insurance companies to avoid being duped to guarantee that claims will be paid.

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