"Global meltdown: 'Insurance more relevant"

The Chairman, Chartered Insurance Institute of Nigeria, Mr. Adeyomo Adejomo has canvassed that this is the appropriate time than ever for business people and property owners to take up insurance covers to protect them from accidental loss/damage to their property as accordingly to him Ii is during a period of hardship (brought about by the looming economic recession all over the world) that a person needs to protect whatever asset he/she has and one way to protect the owner against financial loss following loss or damage to the property is through insurance.

I agree with him totally; but do our people truely understand what insurance is out to offer them? If you are a business person or a private individual with property such as car, building, goods or money exposed to risk of theft, fire or accidental damage, etc do you have insurance policies in place, if yes what has been your experience and if no, why?

femhans