Yinka Ayefele speaks on getting Insurance claims after music house fire incident
Fire outbreak scene, Yinka Ayefele
Veteran gospel musician and broadcaster, Dr. Yinka Ayefele, has opened up about his experiences with Nigeria’s insurance sector, highlighting the often lengthy delays in claim settlements.
Speaking on challenges faced by his media outlet, Fresh FM following the fire outbreak, Ayefele noted that although he diligently insures his properties, including musical instruments used for shows, the claims process is rarely swift.
“People asked if I didn’t insure my properties, but I replied, how can I have such property and not insure it? Even my musical instruments are insured,” he said.
He recalled a past incident when one of his buses was involved in an accident along Sagamu Road. Despite having coverage, the compensation process was slow. “We wrote several letters, took police reports, and even after the insurance company visited the scene, it still required our lawyer’s intervention before we received a stipend,” he recounted.
Ayefele also shared another story about a watch seller whose insurance claim was denied after a burglary. The company argued that the shop owner had failed to protect the ceiling with burglary-proof measures.
Regarding the recent fire at Fresh FM facilities, Ayefele expressed concern over operational delays if relying solely on insurance payouts. “If we wait on insurance before expanding Fresh FM, it means we won’t operate this year. They start with investigations, eyewitness accounts, reports, and more. Someone suggested giving it to a stockbroker, but does that speed up the process?”
He clarified that he is not against insurance, acknowledging that companies eventually settle claims, but emphasized the need for more efficient procedures. “I am not saying insurance is bad—they pay claims, it’s just that it doesn’t come in time,” Ayefele concluded.
