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Insurance was Instituted by God in the Time of Noah – Bankole


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A biblical dimension was today introduced in support of insurance as Olusegun Bankole the Assistant General Manager, Corporate Communications & Brand Management of Sovereign Trust Insurance PLC argued that the art of safeguarding properties against risk was perfected by God during the time of Noah.

Bankole, a Business Administration graduate of Obafemi Awolowo University stressed that the notion of conceiving insurance as unethical or anti-religious have no substance as God himself was the first insurer.

He made this analysis while featuring on a weekly personality interview programme CS Weekly on FRCN Radio one 103.5fm, Ikoyi today.

Using the biblical illustration of the flood narrative, he explained how insurance started.

“God spent 6 days to create the earth and destroyed it in just one day. But before the destruction, he gave a lot of notices through his marketer, Noah. He told Noah to build an ark for people to be safe during the flood.

“God didn’t state the time of the destruction and this is what we call risk in the present day insurance.  Destruction is imminent, we live with risk every day and we don’t know when the unknown will happen but the rational thing to do is to provide a soft landing which is a good insurance policy.”

Bankole explained further that it was easy to rebuild after the flood because some people heeded to Noah’s call.

“After the flood, God did not have to go through the process of creation again. The family of Noah that went in with him and the animals that survived all came back to the earth and started procreating. God did not have to start all over again.

“To me, that’s simply insurance, the ark was the insurance company which had Noah as its marketer, the premium was mere obedience and the risk is the fact that you never can tell when the destruction will come.” He noted.

Speaking on why Nigerians don’t get themselves insured, Bankole said ‘there are some cultural defects which makes people not to believe in insurance policy.’ He added that insurance packages are not as expensive as people think they are.

“You only need to walk up to an insurance company and ask questions. There are products in insurance that are not more than 1500 per annum, it’s not about the money, it’s about the attitude. we need to change this attitude and embrace insurance.”

He noted that the recent incident of building collapse in Lekki area of Lagos state is a criminal offence owing to the fact that the building was not insured.

“Whenever you are constructing a building that is above two-storey, you must take up the builders’ insurance liability, it’s a law but people will not want to do the right thing. Had it been that the buildings are insured, the damages wouldn’t have been much.”

Bankole called for the institution of an insurance monitoring agency to enforce insurance laws across the country.


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