Nigeria’s insurance sector has grown by leaps and bounds in the last decade. This growth is being driven by members of the country’s expanding urban working class, who are becoming more aware of the need to hedge against financially demanding situations that may arise in their future lives. But it’s also been sparked by insurance companies which have spread the word about their role in covering the costs of negative eventualities for conscientious Nigerians.
Wapic Insurance has played its part in this steadily unfolding reinvigoration of Nigeria’s insurance industry. It’s one of the most widely trusted names in the sector, partly because of its long history of helping plug possible future costs incurred by its clients on life and non-life risks. For decades, they have created and redeemed insurance policies for things ranging from cars and homes to school tuition and businesses.
The presence of Wapic on Nigeria’s insurance scene dates back to 1958 when it was founded as a regional extension of the United Kingdom’s Provincial Insurance Company. It started off with underwriting goods in transit, fire risks and other regular insurable cases. Decades later, it included life insurance in its product range; and by 2008, it had set up a subsidiary in Ghana. Today, it offers a full range of insurance policy options to its clientele across West Africa.
Wapic’s offerings include the regular line up you’ll expect from a proper insurance company, with the attractive edge of multiple budget specific package types for these products. There are varying versions of vehicle insurance, life plans, and policies for home owners. There’s also a marine indemnity for businesses which ship their products over the seas, and a fund for young scholars.
The life assurance policy from Wapic is designed to cover the whole life of anyone who holds it. The main precondition for this, as is the case with any regular insurance firm, is that the policyholder pays their premium with the regularity and timeliness that’s expected of them according to the plan. If these expectations are met, Wapic promises that the sum assured will be paid, no matter when the policyholder dies.
The lesser but nevertheless crucial risk of vehicle damage or loss is catered for by a number of vehicle insurance options. These policies include Moov for damages caused by their owner or by third parties; there’s also cover for the potentially costly event of a Wapic client’s car getting stolen. These policies are sufficient for different scenarios, or for all instances of vehicle damage or loss. The range of benefits you’ll get from them will depend on the sort of risk they are supposed to take care of.
Wapic helps insure mortgage loans as well. With this provision, close relatives of persons who have taken out a loan to buy landed property can be certain that, in the case of the borrower’s death, they won’t have to bear the cost of repaying the loan. If the borrower has gotten mortgage protection from Wapic, it will make up for the debt that’s left unpaid at the time of the borrower’s demise.
Some of the other insurance products available at Wapic are the Keyman Assurance, which insures businesses against losses associated with the death of a key personnel; Smart Life plans, for persons who want to save towards a set goal; the Smart Scholar Plan, which parents can access to build up funding for their children’s education; and a policy for homeowners that covers damage done to their homes.