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| Daniel |
Chuks Udo Okonta
The National
Insurance Commission (NAICOM) has made presentation of roadmap for rural
operations a yardstick for approval of microinsurance operations.
Commissioner for
Insurance Fola Daniel, who disclosed this, said the decision became necessary
as operators cannot do micro-insurance business sitting in the comfort of their
offices in Lagos or Abuja.
“For those who have
indicated interest for window operation, we are saying to them that they cannot
do micro-insurance business sitting in the comfort of their offices in Lagos or
Abuja.
“We want them to
take it to the rural areas; to the grassroots. Therefore we have asked them to
give us a roadmap to taking micro insurance to the grassroots. We have to be
convinced that our authorisation will take insurance to the unreached,” he said.
He noted that
microinsurance concept was introduced to help mitigate risks at the grassroots,
adding that the commission is committed to deepening insurance penetration at
the grassroots where industrious Nigerians reside.
“A common man can
say, well, I don’t have houses to insure; I don’t have a vehicle to insure, but
it is an acceptable fact that everyone that is living runs one risk or the
other, so we introduced micro insurance to take financial inclusion to the
grassroots.
"The loss of N10,000 investment by the peasant farmer could make him
go bankrupt; the loss of a fishing net that cost only N7,000 could completely
wipe away the fisherman’s source of livelihood.
“These are the kind
of people that were excluded from taking advantage of insurance as a mechanism
managing risks,” he added.
He said the NAICOM leverages
the financial inclusion project of the federal government as an opportunity to
entrench and deepen insurance penetration in the country.
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