Fresh FM incident: Yinka Ayefele speaks on experience with insurance firms

Renowned gospel musician and broadcaster, Dr. Yinka Ayefele, has shared his personal experiences with Nigeria’s insurance sector, lamenting the long delays often encountered before policyholders receive compensation.

Speaking on recent challenges faced by his media outfit, Fresh FM, Ayefele disclosed that while he diligently insures his properties, including his musical instruments, the claims process is usually far from swift.

“People asked me if I didn’t insure my properties, but I replied that how will I have such a property and not insure it? Even my musical instruments that I use for shows are insured,” Ayefele said.

Continuing, the musician however recalled a past incident when one of his buses was involved in an accident along Sagamu road. Despite having insurance cover, Ayefele said, the claims process dragged on.

“We wrote several letters, took police reports, and even after the insurance company visited the accident scene to investigate, it still took the intervention of our lawyer before we could collect just a stipend,” he recounted.

Sharing another experience, the broadcaster also narrated another case involving a watch seller who insured his shop but was denied payout after a burglary.

According to Ayefele, the insurance company argued that the thieves broke into the shop because the owner failed to protect the ceiling with burglary proof.

On the recent fire incident that affected Fresh FM facilities, Ayefele stressed that while insurance would eventually pay, resorting to wait for the process could affect his radio’s operations.

“If we now say we should wait on insurance before we continue to broaden Fresh FM, it means we won’t work again this year. They will start with investigation, the cause of fire, where it started, eyewitness accounts, reports and a lot more. Someone was telling me to give it to stockbroker, but is that how fast it always works to get money back?” he asked.

Ayefele clarified that he is not against insurance, noting that companies do eventually settle claims, but he emphasised the urgent need for more efficient processes.

“I am not saying insurance is bad, they pay claims, it is just that it won’t come in time,” he added.

ALSO READ TOP STORIES FROM NIGERIAN TRIBUNE