NAICOM PEGS MICRO INSURANCE CAPITAL BASE AT N600m, N100m, and N40m

In the recently released revised guidelines on Microinsurance operations in Nigeria, the National Insurance Commission (NAICOM) has classified the operations of Microinsurance into three namely: Unit, State, and National just like Microfinance banks.

Investors looking to underwrite Microinsurance business in Nigeria at the unit level will need a capital base of N40m, while those looking to do business at state level will need to shop for a capital base of N100m and those eyeing nationwide operations will need a capital base of N600m.

While Microinsurance has been used in other countries successfully as a means of financial inclusion, microinsurance is yet to find its feet in Nigeria as it appears that operators are not interested in retail business.

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