Mansard Insurance gets NAICOM approval on micro insurance products

CEO, Mansard Ins. Plc, Yetunde Ilori

By Modestus Anaesoronye
Underwriting firm, Mansard Insurance plc, has secured approval of the National Insurance Commission (NAICOM) to roll out micro insurance products in Nigeria, becoming one of the first to get this approval after the guideline was released in November 2013.

Micro insurance products are insurance products designed to be appropriate for the low-income market in relation to cost, policy terms, coverage and delivery mechanism.

NAICOM classifies micro-insurance policies to cover little risks and therefore, exclude special risks like motor insurance (except tricycles and motorcycles), professional indemnity and other pecuniary risks with sums insured higher than N1 million. The commission notes that for any company to get approval to carry out micro insurance business, its products must be simple, affordable and valuable.

Mansard’s micro insurance products are aimed at delivering insurance coverage to Nigerians of all walks of life, irrespective of their location or socio-economic class, and by this approval Mansard Insurance becomes one of the first underwriting firms to be granted approval to carry out micro insurance business.

One of Mansard’s micro insurance offering is the Mansard Instant Plan (MIP), a very simple plan that provides life and accident insurance cover to the policy holder. For as little as an annual premium of N1,000, the plan promises a sum assured of N100,000 cover for permanent disablement or demise and up to N10,000 for medical expenses in case of accidents. Medical test is not required to buy this policy and it can be obtained at all Mansard Insurance consumer touch points nationwide.

Mansard Ins. Plc Building

Mansard Insurance was incorporated in 1989, as a private limited liability company, and is registered as a composite company with the NAICOM. The company offers life and non-life insurance products and services to individuals and institutions across Nigeria, while also offering Investment Management and Health Maintenance solutions through its two subsidiaries, Mansard Investments Limited and Mansard Health Limited, respectively. The company also recently received NAICOM’s approval for micro insurance operations.

The company was listed on the Nigerian Stock Exchange in November 2009, and has market capitalisation in excess of N24 billion, remaining the biggest insurance company on the NSE.


Source BusinessDay