MANSARD WELCOME CENTRE OPENS IN IBADAN

In its effort at making its products and services readily accessible to its customers and prospects across the country, Mansard Insurance plc has opened up a new Mansard Welcome Centre in Ibadan, Oyo State. The latest addition to the retail business expansion drive of the company is located at Broking House, 1 Alhaji Jimoh Odutola Road, Dugbe, Ibadan.

Read more at: http://mansardinsurance.com/mansard-news/24-press-releases/192-mansard-welcome-centre-opens-in-ibadan

MANSARD SECURES NAICOM APPROVAL FOR MICRO INSURANCE PRODUCTS

Mansard Insurance plc has secured the National Insurance Commission (NAICOM) approval to roll out micro insurance products. Micro insurance products are insurance products designed to be appropriate for the low income market in relation to cost, policy terms, coverage and delivery mechanism.

Read more at: http://mansardinsurance.com/mansard-news/24-press-releases/193-mansard-secures-naicom-approval-for-micro-insurance-products

Mansard Insurance Records 27% Growth in Revenue

LAGOS, NIGERIA – August 29, 2014 – Mansard Insurance plc., (Bloomberg: MANSARD:NL/Reuters: MANSARD:LG), provider of risk and investment management services announces its audited half year results for the period ended June 30, 2014.

Mansard Insurance plc has reported a 27% growth in both Gross Premium Written (GPW) and Net Premium Income (NPI). Mr. Tosin Runsewe, the Chief Client Officer, commented on the Company’s recently released half year results. In his words, “This year, revenue growth has been driven by deepening relationships through superior customer service delivery and our growing accessibility to customers. Our medium term focus is to rapidly grow our distribution channels such that our accessibility to all customers will be with ease and convenience. We expect the first half of 2014 growth pattern to continue during the second half of the year.”

Read more at: http://mansardinsurance.com/mansard-news/24-press-releases/219-mansard-insurance-records-27-growth-in-revenue

Mansard Insurance net premium income up by 27%

Mansard Insurance plc, provider of risk and investment management services, has announced its audited half year results for the period ended June 30, 2014, with a 27 percent growth in both Gross Premium Written (GPW) and Net Premium Income (NPI) for the half year ended June 2014.

The company in statement made available in Lagos highlighted that its GPW earnings for the period ended June 2014, stood at N9. 61 billion up from N37.55 billion in the corresponding period of 2013.

Read more at: http://mansardinsurance.com/mansard-news/24-press-releases/225-mansard-insurance-net-premium-income-up-by-27

Different types of travel insurance

Different types of travel insurance

When travelling abroad the last thing you want to think about is unexpected expenses. Best way to avoid that is to take out travel insurance before you travel. When taking out a travel insurance be sure to choose the most suited for you and your family.

Types of travel insurance

• Single trip travel insurance – This insurance covers one trip or holiday, and is suitable if you plan to travel one or two trips a year.
• Annual multi-trip travel insurance – This insurance is for someone who travels three or more trips per year. This insurance is ideal if you are a last minute holiday type of person.
• Long trip travel insurance - This is the option that gives you the freedom to travel for a long time. This insurance can also cover if you decide to work abroad.
• Winter sports travel insurance – Winter sports with the family can be great fun but it can also be very dangerous. Due to the level of danger basic travel insurance policies tend to exclude these activities. This insurance can simply be added to a single or multi-trip travel insurance at an additional cost.
• Worldwide travel insurance – If you travel around the World then this travel insurance is the best option, as it ensures you have adequate cover for the countries that you are visiting.
• European travel insurance – This insurance is ideal if you are only traveling within the UK or Europe, as taking out worldwide travel insurance policy is likely to cost more and is not necessary if you'll be staying within the confines of Europe.

All types of travel insurance are available for singles, couples and families.

• Family travel insurance - The simple and cost effective option for the whole family
• Single parent family travel insurance - Cheapest and easiest option for a single parent with your child/children
• Couple travel insurance - As a couple it may be cheaper for you to take out a joint policy rather than individual policies.

What is retirement insurance?

What is retirement insurance?

Retirement insurance is a form of social insurance payments made by your chosen insurance company or your employer. The payments will start from your chosen retirement age and also depends on the country you reside in, whichever comes first. There is also an employee retirement scheme which is to make funds available to employees who have served an organisation for a long time and is finally ready to retire.

Retirement and Pension has become a topical issue, one that has engaged the commitment of employers and workers not only in Nigeria but also in many developing and emerging economies of Africa, Asia and Latin America. Retirement pensions are typically the largest component of the set of public interventions that make up a social insurance system.

There are a few different types of employee retirement insurance:

• Defined Contribution Scheme - Contribution into the scheme is defined from the onset and it is usually shared between the employer and the employees (contributory).
• Defined Benefit Scheme - the benefit promised is under the scheme that will determine the rate of contribution. This is currently the type of scheme in the Nigerian Civil Service.
• Gratuity Scheme - This is a non-contributory scheme i.e. total payment into the scheme is borne wholly by the employer. Although gratuity payable to employee can be paid as at when liability arises by the employer. Sound system of accounting practice envisages providing for liability every year and claiming tax benefit.

Your chosen retirement insurance company will offer different types of annuity with your retirement plan:

• Annuity and Whole Life - provides payment of a sum assured on the demise of the Annuitant.
• Guaranteed Annuity - provides income for the annuitant throughout life with a 5- or 10-year guaranteed payment period.
• Annuity and Spouses Annuity - provides payment of annuity to a surviving spouse upon the demise of the primary Annuitant.

Third Party Insurance

Third Party Insurance

What is third party insurance?

Third party insurance refers to an insurance policy type. It is the minimum cover required to be in place in many international countries such as Nigeria and the UK. Not having this minimum over is a criminal offense and carries a fine and/or penalty.

Third party insurance typically covers the following:

·         physical damage to another vehicle or structure;

·         injuries to a third party or your own passengers; and

·         medical treatment cost and legal cost claims against you.

Third party policy

A third party insurance policy is offered by the majority of insurance companies, it is often the cheapest option. It is common for new and young drivers to opt for third party only cover as it is cheaper.

Third party claims

As a third party involved in an accident, it should not concern you what level of cover the other party has – as long as they have some form of insurance of which third party is the minimum.

Should I get third party only insurance?

Anyone who owns a high-value vehicle should definitely opt for a policy with greater coverage than third-party cover, any small savings made on the policy premium will be negated should you be unlucky enough to have an accident and need to make a claim.

Burglary insurance is necessary

Burglary insurance is necessary

When your home is invaded by unwanted strangers, it is the worst experience ever. Having a burglar go through all your personal belongings is a nightmare which you never want to live through again.

There are a few thing that can be done to avoid your house from being burgled and making your home safer.

Remembering these simple five things can prevent a burglar from entering your home:

·         Always lock all your doors and windows when you leave the house including those on the top floors

·         If possible install an alarm in clear view of the public walking by your house

·         Its best to install motion-sensor lights around your home

·         Keep any ladders locked up so they can’t be used by burglars

·         When you go on holiday, make sure your home does not look like you are away. So maybe keep your car in the driveway, leave your lights on timers and get someone to mow your lawn while you’re away.

It is also very important to have burglary/theft insurance. A theft insurance policy would usually cover loss or damage resulting from theft or attempted theft. It can be with actual forceful or violent entry into or out of your home or any attempt at that place or time.

When taking out burglary insurance, be sure to read the policy properly, as in Nigeria the criminal law of the country does not state clearly of an offence called burglary. So it is very important for the insurers to lay down in the policy the definition of the term. As normally understood burglary is:

(a) Theft of property from the premises following upon felonious entry of the said premises by violent and forcible means.

(b) Theft by a person in the premises who subsequently breaks out by violent and forcible means provided there shall be visible marks made upon the premises at the place of such entry or exit by tools, explosives, electricity or chemicals. Use of force may be against property and person.

What is mortgage protection?

What is mortgage protection? That is a question many new home buyers ask themselves. Some buyers are very clued up about all the different types of insurances while others only understand the everyday insurance e.g. home appliance insurance, car insurance and travel insurance.

Mortgage protection insurance is very simple to understand, it is a form of income protection that can insure your mortgage payments in case you lose your job, find yourself unable to work or when demise occurs. If your mortgage repayment are not paid then sadly your property could be repossessed by the lender.

Mortgage protection is needed when:

• You may struggle to keep up with the monthly mortgage payments if you weren't able to work due to illness, accident or forced unemployment
• You are self-employed and therefore would receive no sick pay or redundancy
• You don't have sufficient cover from other income protection products
• You have income protection insurance which will cover your repayments
• You receive sick pay which will cover the repayments
• You are eligible for a comprehensive redundancy pay-out which you could live off comfortably until you find another job
• Government benefits will provide enough money to live on and to pay your mortgage
• Voluntary unemployment or unemployment resulting from misconduct, fraud or dishonesty
• If you were aware that you may be made redundant when you took out the policy
• Pre-existing medical conditions
• Stress and back-related injuries or illnesses
• Chronic medical conditions
• Pregnancy and childbirth
• Self-inflicted injuries

You will not need mortgage protection if you already have alternative insurance cover:

Mortgage protection policies differ from insurer to insurer. Standard exclusions include:

Before you take out any mortgage protection, make sure to read every piece of paper work carefully and thoroughly. 

EduPlan Plus

 EduPlan Plus

Why is it important to have Education insurance plan for your children?

With growing standards of living, the expenses for educating your child are rising. As parents we start planning for the future of our children but don’t always think of the unthinkable, so it’s always best to secure the future for your child’s education in case of any unforeseen circumstances.

Planning or even saving for your child’s education can be confusing, trying to decide when and how to start. The best place to star is to look at insurance as one of the investment channels. Insurance is a secure way to provide education fund for your child when the fund is needed.

Education insurance plan offers a lot of flexibility, which allows parents to select the one that suits their needs the most. There are different types of Education plans, so choose carefully when deciding for your child.

Types of education plan:

• Insuring yourself - a large sum that provides for your children’s future expenses, along with the rest of your family’s expenses for the future.
• Child insurance - provide for your child’s future expenses through an insurance policy that will ensure she/he receives money at the age you want them to, in your presence or absence.
• Money back insurance plans - ideal for parents planning for life stage events like child’s education, marriage or seed capital for a business opportunity.
• Additional premium - cover as many children as needed, even if they are at different education levels. The premium payable depends upon the child’s current school or tuition fees, and you can arrange to pay the premium annually or each term.

Before deciding on a plan, parents should have a distinct plan in place for each objective with the process commencing by defining each objective that is to be accomplished.