Chuks Udo Okonta
Micro-insurance and takaful remain the best vehicles to
deepen the industry’s performance, the Commissioner for Insurance Fola Daniel,
has said.
He disclosed this
today Thursday, at a sensitisation workshop for stakeholders on key initiatives
of the commission in New Karu, Nasarawa State.
Daniel noted that NAICOM having recognised the urgent need
to develop the retail insurance market which has remained grossly untapped considering
the vast population of the country, it became imperative to incorporate
micro-insurance and takaful as important vehicles for achieving greater
insurance penetration in the country.
He said: “In collaboration with GIZ of Germany and other
development agencies, the Commission in 2012 conducted a Country-wide
Diagnostic study on the viability of micro-insurance in Nigeria.
“One of our goals was to generate at the end of the
exercise, a document that will enable us take evidence – based decision on the
issue of Micro-insurance in Nigeria and also serve as a public resource in its
own right. Indeed, the report of the study reveals huge potentials amongst the
low income groups and was consequently adopted by NAICOM for the development of
a micro insurance framework in Nigeria.
“Similarly, NAICOM recently released the Takaful Guidelines
to the market and now is ready for implementation. Preparatory to the
commencement of the operation of the guidelines, the Commission has embarked on
series of capacity building programs for its Management and Technical staff in
order to position the commission to effectively implement and supervise takaful
operation in Nigeria.”
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