Economy
Weathering the Storm: Why Insurance is Your Shield Against Inflation
Like the dry, dusty Harmattan wind, inflation is blowing across Nigeria, and its chill is felt everywhere. From food to petrol, transportation to housing, prices are rising alarmingly, squeezing budgets and leaving many feeling vulnerable and frustrated. The latest government statistics showed the inflation rate in January rose to 29.9%, its highest since 1996.
But there’s a safe haven in these turbulent times: the shelter of insurance.
However, we must first understand the impact of inflation. Inflation, the sustained increase in the general price level of goods and services, silently erodes the value of your money. What you bought for ₦1000 today won’t cost the same tomorrow.
While inflation may seem like an ‘econospeak’ or an abstract concept to the average person, its effect translates to real-life struggles. Imagine each Naira as a unit of your spending power; inflation, like a thief, steals value from these units, making everything from bread to building materials more expensive. This unpredictable thief adds another layer of worry, as sudden price spikes can leave you, businesses, and property owners exposed.
The impact is felt by everyone:
Individuals:
Daily life becomes a struggle as the cost of living rises, squeezing budgets and creating anxiety.
Businesses:
Operational costs climb, potentially leading to higher prices or lower profits, impacting everyone along the chain.
Property Owners:
Repairing or replacing damaged property becomes even more expensive due to inflation, leaving you exposed financially.
Now, unexpected events are stressful enough, but when combined with rising costs, they can become overwhelming. Imagine facing a sudden medical expense that is twice what it was last year.
We at Coronation understand the worries inflation brings. That’s why we offer comprehensive insurance solutions designed to shield you from the financial blows of rising prices.
INSURANCE: Your Inflation-Proof Shield
Think of insurance as your umbrella deflecting the financial storm of inflation. Insurance serves as a strategic hedge, shielding individuals and businesses from unforeseen financial burdens due to inflationary pressures. Whether through life, health, or property insurance, these risk-mitigation tools provide a safety net. They assist policyholders in navigating economic uncertainties by offering financial support for medical expenses, property damages, or loss of income. Diversifying one’s financial strategy to include insurance helps not only protect assets but also fosters a sense of financial security amidst the dynamic economic landscape.
Here’s how Coronation’s insurance protects you in these uncertain times:
Car Insurance
Imagine your car suffers a breakdown or accident. Without insurance, repair costs, already inflated, can become crippling. Coronation’s Car insurance absorbs this financial blow, ensuring your vehicle gets back on the road quickly and affordably.
Personal Accident Insurance
An unexpected accident can have severe financial consequences, not just from medical bills but also lost income. Coronation’s Personal Accident insurance provides a lump sum payout to cover these costs, easing the burden during a challenging time.
Travel Insurance
Medical emergencies or travel disruptions abroad can be financially devastating. Coronation’s Travel insurance safeguards your trip, covering medical expenses, trip cancellations, and more, ensuring peace of mind wherever you roam.
Home Insurance
Rising repair costs due to inflation can turn a leaky roof or broken appliance into a major expense. Coronation’s Home insurance covers repairs and replacements, shielding your property and your budget from inflation’s bite.
Life Assurance
Life assurance ensures your loved ones are financially secure even if the unforeseen happens. With rising costs, life assurance becomes even more crucial, ensuring your family can maintain their lifestyle and future plans, even in your absence.
At Coronation, we understand that insurance isn’t just a product; it’s a partnership in navigating financial security, especially during turbulent times like inflation. We go beyond simply offering policies; we offer expert guidance to understand your unique needs and risks, recommending the right coverage to effectively counter inflation’s impact.
Worried about rising costs outpacing your insurance coverage? We offer inflation-adjusted policies that automatically adapt their sum insured to match inflation, ensuring your protection stays relevant as prices climb.
Affordability is paramount in these challenging times. That’s why Coronation provides flexible payment options, making sure your insurance remains accessible even when budgets tighten.
Contact a Coronation advisor today to explore how our comprehensive insurance solutions can shield you and your loved ones from the financial anxieties of rising prices.
With Coronation, you’re not just insured; you’re empowered to face the future with confidence.
To explore how our comprehensive insurance solutions can cater to your needs and those of your loved ones, please contact:
By Adedapo Adesanya
The duo of Afriland Properties Plc and Geo-Fluids Plc crashed the NASD Over-the-Counter (OTC) Securities Exchange by a marginal 0.06 per cent on Wednesday, December 11 due to profit-taking activities.
The OTC securities exchange experienced a downfall at midweek despite UBN Property Plc posting a price appreciation of 17 Kobo to close at N1.96 per share, in contrast to Tuesday’s closing price of N1.79.
Business Post reports that Afriland Properties Plc slid by N1.14 to finish at N15.80 per unit versus the preceding day’s N16.94 per unit, and Geo-Fluids Plc declined by 1 Kobo to trade at N3.92 per share compared with the N3.93 it ended a day earlier.
At the close of transactions, the market capitalisation of the bourse, which measures the total value of securities on the platform, shrank by N650 million to finish at N1.055 trillion compared with the previous day’s N1.056 trillion and the NASD Unlisted Security Index (NSI) went down by 1.86 points to wrap the session at 3,012.50 points compared with 3,014.36 points recorded in the previous session.
The alternative stock market was busy yesterday as the volume of securities traded by investors soared by 146.9 per cent to 5.9 million units from 2.4 million units, as the value of shares transacted by the market participants jumped by 360.9 per cent to N22.5 million from N4.9 million, and the number of deals increased by 50 per cent to 21 deals from 14 deals.
When the bourse closed for the day, Geo-Fluids Plc remained the most active stock by volume (year-to-date) with 1.7 billion units valued at N3.9 billion, followed by Okitipupa Plc with 752.2 million units worth N7.8 billion, and Afriland Properties Plc 297.5 million units sold for N5.3 million.
Also, Aradel Holdings Plc, which is now listed on the Nigerian Exchange (NGX) Limited after its exit from NASD, remained the most active stock by value (year-to-date) with 108.7 million units sold for N89.2 billion, trailed by Okitipupa Plc with 752.2 million units valued at N7.8 billion, and Afriland Properties Plc with 297.5 million units worth N5.3 billion.
By Adedapo Adesanya
The euphoria around the recent appreciation of the Naira eased on Wednesday, December 11 after its value shrank against the US Dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM) by N5.23 or 0.3 per cent to N1,547.50/$1 from the N1,542.27/$1 it was valued on Tuesday.
It was observed that spectators’ activities may have triggered the weakening of the local currency in the official market at midweek as they tried to fight back and ensure the value of funds in foreign currencies strengthened.
The domestic currency was regaining its footing after the Central Bank of Nigeria (CBN) launched an Electronic Foreign Exchange Matching System (EFEMS) platform to tackle speculation and improve transparency in Nigeria’s FX market.
At midweek, the Nigerian currency depreciated against the Pound Sterling by N3.56 to close at N1,958.68/£1 compared with the preceding day’s N1,955.12/£1 and against the Euro, it slumped by 34 Kobo to trade at N1,612.66/€1, in contrast to the previous session’s N1,613.00/€1.
As for the black market segment, the Naira lost N45 against the American currency during the session to quote at N1,670/$1 compared with the N1,625/$1 it was traded a day earlier.
A look at the cryptocurrency market showed a recovery following profit-taking as the US Consumer Price Index report matched economist forecasts.
The news was enough to convince traders that the Federal Reserve is certain to trim its benchmark fed funds rate another 25 basis points at its meeting next week.
The move also saw Bitcoin (BTC), the most valued coin, return to the $100,000 mark as it added a 2.9 per cent gain and sold for $100,566.12.
The biggest gainer was Cardano (ADA), which jumped by 15.00 per cent to trade at $1.16, as Litecoin (LTC) appreciated by 10.4 per cent to sell for $121.76, and Ethereum (ETH) surged by 7.0 per cent to $3,929.30, while Dogecoin (DOGE) recorded a 6.7 per cent growth to finish at $0.4181.
Further, Binance Coin (BNB) went up by 5.2 per cent to $716.72, Solana (SOL) expanded by 4.6 per cent to $229.77, and Ripple (XRP) increased by 4.2 per cent to $2.43, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 apiece.
By Aduragbemi Omiyale
The Dangote Refinery located in the Lekki area of Lagos State has made its first export of premium motor spirit (PMS) just three months after it commenced the production of petrol.
In September 2024, the refinery produced its first petrol and began loading to the Nigerian National Petroleum Company (NNPC) on September 15.
However, due to some issues, the facility has not been able to flood the local market with its product, forcing it to look elsewhere.
In a landmark move for regional energy integration, Dangote Refinery has partnered with Neptune Oil to take its petrol to neighbouring Cameroon.
Neptune Oil is a leading energy company in Cameroon which provides reliable and sustainable energy solutions.
Dangote Refinery said this development showcases its ability to meet domestic needs and position itself as a key player in the regional energy market, adding that it represents a significant step forward in accessing high-quality and locally sourced petroleum products for Cameroon.
“This first export of PMS to Cameroon is a tangible demonstration of our vision for a united and energy-independent Africa.
“With this development, we are laying the foundation for a future where African resources are refined and exchanged within the continent for the benefit of our people,” the owner of Dangote Refinery, Mr Aliko Dangote, said.
His counterpart at Neptune Oil, Mr Antoine Ndzengue, said, “This partnership with Dangote Refinery marks a turning point for Cameroon.
“By becoming the first importer of petroleum products from this world-class refinery, we are bolstering our country’s energy security and supporting local economic development.
“This initial supply, executed without international intermediaries, reflects our commitment to serving our markets independently and efficiently.”
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