NIGERIA BROADENS TAKAFUL INSURANCE OPERATIONS

In a bid to deepen Takaful Insurance in Nigeria, the National Insurance Commission (NAICOM) has thrown open the licensing of operators for Takaful Insurance, bringing specialists outside mainstream Insurance Industry.

Before now, only one Takaful Insurance company existed in the country. This new move however has increased the number of operators showing interest.

Naicom has so far licensed two additional Takaful operators with another three at various stages of conclusion. The Commission has also concluded the process of licensing two new Micro Insurance Companies with with additional waiting conclusion.

Commissioner for insuranceThe Commissioner for Insurance Mohammed Kari made all these known at the recently concluded National Insurance Conference in Abuja. He said that the Commission launched the Micro and Takaful Insurance guidelines in 2012 in response to the Financial Inclusion strategy (NFIS) by the government to reduce the percentage of adults that are excluded from financial services from 46.3% in 2010 to 20% by 2020. The strategic goals of the financial inclusion are driven by a broad range of coordinated intervention including simplified know your customer (KYC) regulations, Agent banking, Micro Insurance and Consumer Protection Principles.

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